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Actually I lied................CS6 does do that!!! I tried it several times and it did not work, now for some reason it's working!

And I answered my own question......... you wrote: It basically shows you what area of the canvas is visible, (and will be  visible when you release the mouse/pen), at the current zoom %.

Now try this.....while in any other tool and with the scrubby turned off, hold the Z key and hit the 'fit to screen' icon in the options bar. Now, press and hold the Z key on your  keyboard, use the mouse to make a selection,  the screen will zoom to the selection,  release the Z key and you  should still be working with the original tool  you started with. Then do your trick with the Z key and spacebar.

Once zoomed in, you can then re-select a smaller area to zoom even closer, this, of course, resets the zoom area!

Very cool!