Since i don't have a magic i don't know and the mytouch technically isn't out yet. I know the browser steel had something they were doing with a circular scroll feature. I actually think the native zoom add on is quite intuitive click the lower right hand button on the screen and the pages zooms out with a magnifying glass that shows what you will be zooming into.
I don't think it is there anymore unless it is specific to a different browser than the stock one. I guess you'll find out when you try one. I like the multitouch pinch to zoom technique but it isn't implemented in most android devices.
Although i agree that is a point i don't think its a selling point. The magnify zoom that Android has, has been reviewed as a lot better then the pinch zoom. I have used pinch zoom on Android and the Iphone and its just awkward to me.
Yeah its definitely a personal preference thing. It would be nice to have both options but I don't think they would want to do that. The thing I like about the pinch zoom is that none of the screen real estate is taken up by the little magnifying glasses.
I agree that is annoying but i hardly ever notice it anymore, its just a small box in the lower right hand corner. I do have issues trying to tap something at the bottom of a screen, mainly at work when i am trying to agree to the stupid hospitals wifi policy, but your right it is personal preference.