I really hope that we can zoom in on our characters. I really like to get close up and marvel over my new piece of armor/weapon in such games.

Can the guys who played the Blizzcon version tell me about it? Did Bashiok say anything about it? And what reasons would they have to NOT let us zoom in?

Still no plans to have a zoom function. There's a very slight zoom used more as a cue to the player when you enter a conversation with an NPC, but it's very subtle and doesn't count for what you're talking about.

But your character is shown in all its up-close and rotatable glory on the character selection screen. At least currently.

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Q u o t e:
meh. i want to see what my character looks like when he picks up a new armor or weapon immediately in the inventory screen or on the battlefield, and not in the selection screen.

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The difference in items is very apparent, you'll notice your upgrades even from the game camera distance.