The magnifier application works well as a replacement for ZoomIt especially on platforms which do not support ZoomIt (such as my Surface 2 RT). I’m not sure how I missed this until now but it looks like it was added as a Windows key shortcut in Windows 7. The magnifier is activated by using the + key and can zoom in with addition + keys or zoom out with the – combination. To leave the magnifier use +Esc.

The magnifier also works on my surface 2 RT as well which is great especially as it can be used when presenting in PowerPoint!

Thanks you to Chad for pointing this trick out to me!