I guess I'll answer the question for real (instead of complaining in the comments):
IMO, as long as you're transferring the data to your external storage medium appropriately, then any compression should be adequate. But, if you really want to ensure data integrity, I would do this:
- Compress your data with SimplyRAR (free) however you choose, splitting the archive every 100MB or so (you want to have a decent amount of files, 30 should suffice depending on how much data you have). The files will be
archive.rar, archive.r01, archive.r02 etc.
- Use MacPAR deLuxe (also free) to create a few
.PAR2 files for your archive. These files will allow repair and recovery of the archive if any parts are missing or corrupted.
This same strategy is used often on Usenet where files are often incomplete or missing from .rar archives. It allows for decent compression (not as great as lzma or 7zip, but pretty good) and good data integrity with the .par2 files.
When you extract your data, you can use my personal favourite UnRAR program for OS X, UnRARX. By double-clicking on the .par2 files (in the same directory as the .rar files), UnRARX will check the integrity of the files using the PAR data. This ensures that everything is exactly as you compressed it. Hope this helps with your decision!
Edit: Like I mentioned in my comment, compressing the .mp3 (and .flv) files won't do much to save space, but you do get the data integrity PAR provides. I'd just throw your whole ~/ folder into the archive.
.mp3files makes very little sense. They're compressed audio already: re-compressing them will make little to no difference. If it's imperative that nothing happens to these files, why don't you buy an equally-sized or larger external hard drive (or something) instead of trying to squeeze everything into something small? (I only say that 'cause I lost data that way). – squircle Jan 2 '11 at 0:44.mp3though. – Derek Adair Jan 2 '11 at 0:48