I'm not sure what you're referring to since the font size dropdown has always been in the toolbar which remains regardless of whether or not you have wrapping on. Can you provide a screenshot to help us out?
In TextEdit - prior to Mountain Lion, it seems - at the bottom right of the TextEdit window a dropdown allowed you to change font size - provided 'Wrap to Page' was toggled on.
See attached grab.
I think that's disappeared in M/Lion, hasn't it?
So how do we get the fine changes in font size in TextEdit now: the levels of size increase using Cmnd+ are too big?
Yes, the zoom toolbar appears to have been removed. However, if you own a relatively new MacBook Pro/Air or happen to own a Magic TrackPad, you can pinch to zoom.
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