What I think people feel like should work is holding down Ctrl and then scrolling the mouse wheel to zoom in or out based on where the mouse cursor is located on the timeline. This would match the behavior of other NLEs like Sony Vegas and would fit with how zooming works in web browsers. Holding Ctrl while scrolling the mouse wheel up would zoom the timeline in and holding ctrl while scrolling down would zoom the timeline out. The zoom should center on where the mouse cursor is, not on where the video is paused.
Also, holding shift while scrolling the mouse wheel down should move the timeline view right and holding shift while scrolling the mouse wheel up should move the timeline view left.
Holding down the middle mouse button should let you drag your view on the timeline in any direction.
Intuitive controls like this would speed up people’s editing significantly IMO.