I have the Wavelab 5 demo as well and am playing around with it in anticipation of the move to 24-bit. FWIW, I am able to select a section, View | Zoom | Zoom Selection from the menu, re-select the section I want with more precision in the new view, Zoom Selection again, etc., until I'm zoomed in enough on my chosen area for whatever it is I want to do. I find the zoom feature a bit different than CEP, in that it doesn't zoom the selection to fit the full width of the window, only part of it. Hold on... just found the Zoom tool in the Wave Toolbox. When making a selection, it zooms to fill the full width of the window just like CEP. Only the menu option doesn't seem to do so. S'alright, the zoom tools easier, anyway.
But I've not yet found an easy way to zoom OUT in steps, i.e. step out of the zoom-ins I've taken (kinda like an "undo" for zoom). The stepped zoom out would go like the following: select a section (1), zoom in, select a more precise section (2), zoom in, select a still more precise section (3), zoom in, realize I've selected the wrong section (3), step out one zoom to the previous section view (2), re-select my section (3), and zoom in once again. If that makes sense. Instead, I have to either <a> restore the full waveform in the main window via View | Zoom | Overview and re-start the zoom process from scratch (I wonder if there's a toolbox control that does the equivalent of View | Zoom | Overview so I don't have to navigate the menu each time), or <b> re-select the initial zoom section from the "overview" mini-window (not sure of its proper name).
And I'll add: the super-zoomed-in view is taking some adjustment on my part since the waveform turns blocky after zooming in pretty far, not like the smooth waveform I'm used to seeing in CEP. Perhaps there's a configuration setting that controls this, though.