text edit magnifier like iPhone

[pytyp]

On the iPhone, pressing and holding in the vicinity of a word on the touchscreen brings up a magnifier showing the magnified word and the finger/cursor's spot in the word. Rolling the finger moves the cursor to allow insertion, backspacing, etc. PLEASE tell me something is available or coming or activatable on the Droid to do the same. Or virtual arrow keys. And yeah, I know about the "D" pad - would just prefer to use the virtual screen. I cannot be the only one looking for this - I have long dainty musician's fingers and still have trouble - fat fingers must be totally disillusioned.