You'd be surprised, it does make a difference, even on small downloads:
As example a few testcases using maximum compression for all algorithms.
Testcase: Cyber Empires
ZIP: 999 KB
ACE: 879 KB
RAR: 855 KB
Testcase: Alien Carnage - Halloween Harry
ZIP: 2881 KB
ACE: 2622 KB
RAR: 2606 KB
Testcase: Freddy Pharkas
ZIP: 8935 KB
ACE: 8390 KB
RAR: 8269 KB
Testcase: Jazz Jackrabbit 2
ZIP: 43090 KB
ACE: 41298 KB
RAR: 41248 KB
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