This debate happens every so often. There is always something newer and better coming along. Like RCK says, Zip is at least universal. The compression gain from newer variations is so minimal, it is far outweighed by the compatibility factor between platforms and software that supports zip files. How would I handle a 7-Zip file on my real Amiga? Or a rar file in clrmamepro?
Zip just reduces a zillion future issues.
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