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i always swiped it real fast and it seemed to work better but i have always been kinda let down that the feature never really worked all that well.
 
For those who need an instant reset from Safari's zoom and don't want to hit command+0, can turn to William Henderson's MultiClutch.

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I've set it to reset the zoom using a swipe down gesture (3 fingers down), and it works perfectly.

I've found a nicer solution using MultiClutch... just map zoom in/zoom out in Safari to the Cmd-+/Cmd-- (Zoom shortcuts). It makes each pinch only zoom once, no more crazy zooming!
 
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