tar -xzf # eXtract Ze Files!
EDIT: I missed chadzawistowski's similar comment belowI've found the option[1], but it's not in my alias list.
Edit: Changelog says Version 1.20 (2008-04-14) introduced the --auto-compress option
[1]: http://www.gnu.org/software/tar/manual/html_node/gzip.html#a...