MEW

MEW is an EXE compression tool that was specifically designed to handle small files, but does a pretty good job when working with larger files too.
The interface is not the best we've seen, that's for sure. It's far from being user friendly, but it still helps the app get the job done.
Not to mention that the application doesn't bundle a help file, which could make things pretty difficult for beginners.
The whole compression task comes down to providing the path to the executable file and enabling or disabling the options displayed in the main window. Again, those uninitiated may have a hard time trying to figure out how to use the program, so the only way to deal with this issue is to search the web.
The user is presented with the option to compress resources or not, delete unimportant resources, slice resources, make backup, use Win 9X compatibility, use LZMA algorithm too, strip relocs and strip Delphi resources.
As said, MEW was initially supposed to deal with small files, but during our test everything worked quite smooth with larger files too.
And although it doesn't come with support for 64-bit operating systems, MEW returned no errors on a Windows 7 64-bit machine, but it's still better to use it on 32-bit workstations.
All in all, MEW could come in handy to many users out there, but some areas, including the interface, definitely need to be revised as soon as possible. It has a great potential, so it's worth trying it.