Using Bring or CR, are options but tangential to the OP.
Steve, thanks for recognizing this--while I appreciate any comments, I'm definitely more interested in a PS-specific solution.
What would the zoom level be? Actual Pixel, 800%, 3200%, user defined?
I feel that's dependent on the subject (sometimes I need to work at pixel level, other times more broad), but perhaps zooming via the scroll wheel would allow this flexibility (like Bridge).
Here's an example use case: I need to check all four corners of a rectangular object. Currently I'll zoom in to one corner, select the hand tool and pan over to the next corner, zoom out, zoom back into the next corner, and pan over to the final corner. The imagined experience might be to press and hold Z and click your mouse on a corner, zoom in to 300% (or some default ratio), and letting go of the mouse would zoom you back out to 100%. I would do this for all four corners without having to switch the tool or without having to pan excessively. Maybe the default zoom ratio would change based on your current zoom setting.
I don't really have any more ideas beyond that, but I just thought it'd be useful to have the same type of experience for zoom that Bird's Eye View currently provides.
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BTW, I went ahead and posted a request at <
http://www.adobeforums.com/webx/.59b81ad3>.