Tried Opera for the iPhone, wasn't impressed.. The fact that it has 2 zoom levels is due to the fact the web pages they display, aren't in fact the actual web page, but a picture of the web page downloaded from the Opera servers. That's why they load faster(sometimes). You can't select the txt and copy/paste it, because it's a picture.
That being said, I can't say I'd ever use it for a browser. However, the browser, "The Perfect Browser" is indeed a great browser.