Many of the current browsers will zoom in/out the entire page instead of increasing/decreasing just the font size. This is great because generally it doesn't break the visual design. I'm assuming that they designed this as an accessibility feature so that instead of increasing font size and possibly breaking the visual layout, this increases the size of everything. It still looks great for people with accessibility needs. This is giving more control back to the designers.
Are the days of the increase/decrease font UI element on pages gone? If we're designing for the latest browsers, do we have to be concerned with users increasing/decreasing font size?