I present you xScope's Pin Zoom.
Although xScope also supports pinch to zoom in multitouch android devices, this Pin Zoom function looks a lot better: not only working even without multitouch support, but also allowing for single hand operation - something that's almost impossible to do with the pinch to zoom (just try it out, go on.)
It's quite simple:
- Tap on the screen
- Tap and hold on the same place
- Slide your finger to zoom in/out
If you aren't ready for a touch screen mobile phone, then you'll better start worrying, as these type of devices are becoming harder and harder to find..


