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Here's an article from a couple years ago comparing 3rd party defrag programs and WinXP's defrag.
http://www.overclockers.com/defrag-frag/
Would be interesting to test with the current versions of the 3rd party defrags and Win7 defrag.
Windows 7 defrag built in works as good as any. I believe Diskeeper made it for Microsoft.
I personally use MyDefrag (formerly JkDefrag) because of the various scripts.