Lost magnification under Mountain Lion I am missing one nice feature after moving to Mountain Lion. I was able on Lion to press control and  drag with two fingers to magnify an area of the screen, which is particularly helpful when working with image editors that lack this function.

Was this merely a key binding that was removed, or has the feature itself been abandoned?
The feature is still present and you might be able to set it up again as follows according to this Apple Support page:


  For example, if you have a trackpad and used the default settings,
  zoom in by holding down the Control (^) key while you drag two fingers
  up on the trackpad. Zoom out by holding down the Control key while you
  drag two fingers down on the trackpad.


Check System Preferences => Accessibility => Zoom (under Seeing) to make sure that you have Use scroll gesture with modifier keys to zoom enabled.