Some of you might not be satisfied by the OSX zoom behavior, but rather would like Ctrl+"mousewheel up/down" to increase/decrease content size per app. Like in Windows.
To be clear let's differ between the two features: OSX's whole screen (OS UI aswell) zoom and increase/decrease content size.
Solution:
This is the solution I came up with, which allows you to use Ctrl+"mousewheel up/down" to trigger the latter feature, the content zoom.
1) Make sure you aren't using Ctrl as a zoom key modifier in Settings -> Accessibility -> Zoom (I use Cmd instead)
2) Download and install BetterTouchTools (BTT) it's free and updated regularly. http://www.boastr.net
3) Open BTT Preferences, switch to advanced mode and chose "Magic Mouse"
Q: "But I don't have a magic mouse" A: "Doesn't matter, Normal Mice pane won't recognize mouse wheel scroll, so follow this guide".
4) Press "Add new gesture", select Magic Mouse Gesture "Scroll Down (modifier key needed)"
5) Set Custom Keyboard Shortcut to "Cmd + +" (don't be confused here, press Cmd and the button on your keyboard with a "+" (plus) sign)
6) Do the same with "Scroll Up (modifier key needed)", this time of course add Custom Keyboard Shortcut to "Cmd + -"
You might have to do this per specific app to counter some unforeseen consequences using applications that already try to counter this (like MS programs, virtual machines and the like.)