Lzip is a lossless data compressor based on the LZMA algorithm, with very safe integrity checking and an user interface almost identical to the one of bzip2. Lzip is only a data compressor, not an archiver. It has no facilities for multiple files, encryption, or archive-splitting, but, in the Unix tradition, relies instead on separate external utilities such as GNU Tar for these tasks.
http://freshmeat.net/projects/lzip/
See also http://en.wikipedia.org/wiki/Lzip
EcksZed (XZ) is a related compression tool.