While I do symapthise with those lamenting the lack of pinch-to-zoom, I'm confused: apps don't offer pinch to zoom, so how do you use them? If you can use an app fine without pinch to zoom, you should really be able to use a mobile website fine too. It seems to me that this is an either/or proposition: either you have a not-mobile, pinch-to-zoom-able web site, or you have a mobile-specific site with an app-like viewp…
If you can't display close to 12pt text in your app at least as a visability option, then there are probably quite a few people that can't use your app... lower than 10pt is almost inexcusable imho.