The tiny text problem, at least, can be solved with a bookmarklet for increasing the font size. In fact, having such a thing around is almost essential when using mobile Safari, at least if you're over a certain age.
You don't find it a problem (read: annoying) that you need to run a bookmarklet on every single page load?
Yes, yes I do. It would be far better if mobile Safari had a configuration for a minimum font size.
And even better if people stopped writing stylesheets that created unreadable pages on small screens. It's not that hard to write CSS that makes your site readable on any size screen. A page with no CSS works fine. If your text gets too small on a phone, you've added CSS that breaks it.
Even with the default Android browser, or Chrome mobile, I have the same issues. I have to zoom 5x's just to click an up arrow (or many of the other links), and some of the text is just as bad.