Zstandard is pretty amazing. It's not going to win any awards for compression ratios (lzip takes that prize ime) but it's FAST.
Really fast.
"Compressing a tar file of Web content from 5Gb to 3.6Gb in 6.9 sec" fast.
Even with a -9 parameter, it only takes 19.06 sec (and compresses to 3.5Gb).