PECompact is the most robust (aside from the open source ones of course) since it has plug-in architecture that lets you extend the product in about any way. However, it is a little dated now (though still maintained). .NET support is limited and x64 support doesn't yet exist.
The advantages of executable compressors are less disk size, so less data transfer time from the network, disk, or other storage medium (e.g. cassette tape ;p). Also, once loaded, it is all in virtual memory so ready. No hard page faults to get that memory loaded from disk.
It is a myth that the virtual memory of compressed executables gets loaded and just 'stays there'. No, unreferenced pages get paged out just like any other page of memory. PECompact even has a trim operation it can optimally perform after in-memory decompression.
In some cases load time can be improved if the storage medium is slow and the compression ration high (it usually is). In other cases, it can be detrimental. It all depends on the many variables.
The disadvantage of an executable compressor is that the entire file must be read from the disk, instead of on-demand (which is rare today anyway, given the relatively small size of the vast majority of executable modules). For an executable module without extra-data/overlay appended at the end, compression may be less optimal depending on how portions of it are referenced. If it references parts all over, chances are all of it will get read quickly into virtual memory anyway (because Windows will have to go 'grab' a piece here, then there, then way over there.. etc..).
Another disadvantage is that you are inherently more likely to suffer from a false alarm because malware authors love to abuse executable compressors. It is a sad reality. Here at Bitsum Technologies (oh, I am the author of PECompact btw ;p) we have had to really tighten our licensing down. We now won't license the software to anyone who can't prove they run a legitimate business. However, the pirates still manage to get their hands on PECompact. We work with the anti-virus companies to help them scan inside PECompact compressed executables, reducing the chance of a false alarm. Our rate is less than most (if not all) competitors I think, but still it happens from time to time (and is quickly fixed by the offending company and usually specific to only a few compressed executables). Having PECompact used on Google Desktop and other prominent products helps to protect us against false alarms, as this makes sure we are 'cared about' ;)
The debate is a long one, and the answer comes down to: For some people it is the right answer, for some people it is not. There is no universal 'Yes or no'. That is also true of products. One may be best for one person, but another preferable to another person. The zealots are the only ones who accept only one answer.