Thanks for the opinions. I decided to do some testing and the results are conclusive:
The file used was a 1.6GB ISO file of a game. All tests were run multiple times to ensure no mistakes were made. All settings were left at default. Winrar compressed to an rar format and 7zip compressed to a 7zip format.
Time to extract: Winrar-16.28 seconds, 7zip-13.53 seconds
Time to compress: Winrar-7 minutes, 39 seconds, 7zip-6 minutes, 25 seconds
File size of compressed data: Winrar-1.63GB, 7zip-1.61GB
7zip is faster to extract and to compress, and it compresses to a smaller file size than Winrar at least with this set of data.
Definitely making the switch to 7zip. The only reason I liked Winrar was because of the right click context menus, but I discovered 7zip has them as well.
7zip 1, Winrar 0