danialine: I have exact same problem. I have one ibook and no font option.
When I just turned it on and tried 'option command 8' it zoomed way too big and max zoom under "More Options" didn't seem to help. But if you use several check boxes and the More Options feature it becomes acceptable.
I have a one year old Macbook Air with 13" screen and up-to-date OSX.
I have found a way to make Accessibility workable.
But before I continue you need to know how to turn Accessibility off as it affects every application.
To turn off: Uncheck both The checkbox for "Use keyboard shortcuts to zoom" and the "Use Scroll guesture.... "
1) turn on Accesibility by checking above box
2) Check the next box down: Use scroll guesture with modifier, etc. I then chose the command key. This means when I do the two finger scroll on mousepad with command key down I zoom in/out.
3) Check the box: Smooth images (type still gets a little fuzzy as you zoom larger but less than without) .
4) I left "Zoom follows keyboard focus" unchecked
5) Click "More Options" and choose your desired option for: When zoomed in, the screen image moves:
FWIW I used "Continuously with pointer".
You will now find that when you use the 'option command 8' feature it will toggle between "normal" and your personal zoom setting you set by scrolling.
It took me about 45 minutes to figure this all out and write it up. Good luck. Please report any errors and I'll modify the post.
I hope in a future update this complicated method by replaced by the command + and command - feature that exists in all other applications (except, I believe, iTunes) on your Mac.