The one that I've been using for several years is Universal Extractor (it gets mentioned in comments, but never got reviewed.)
http://legroom.net/software/uniextract
Tiny, fast, and no-frills.
It does not compress, it only extracts.
It can extract almost any archive format, plus BIN/CUE CDROM images, and *many* (not all) Inno and Windows Setup installers. (handy if you want to try to run the app as a no-install portable without all that automatic setup for start menu, etc. )
Bone-simple drag&drop interface, automatically creates a new target folder in the archive's directory, but you can browse to and select another target.
(won't work to drop a zip file on a shortcut though, you have to open the app first.)
Give it a try, it's a little treasure.