Opera just released an Android-flavored beta version of their Mini 5 browser. Like its brethren, "O-droid 5b" is free to download (bag it from your desk computer or your phone's current browser). We promptly grabbed it for our Nexus One…
…and discovered it did NOT support multi-touch. It DOES have a touch-screen implementation of the classic Opera zoom-in/zoom-out, as seen below:
You can zoom in with a tap anywhere on the screen, then zoom back out by tapping the zoom-out button. In practice, this is actually quicker than a pinch-in/out gesture. Still, the lack of multi-touch support is annoying.
On the plus side, "O-droid" has multiple-tab support and — even in beta mode — is still light-years better than Dolphin or the default Android browser. And at that price, it's worth trying out yourself and making up your own mind.