Actually, if you are smart there is one other way I don't think anyone mentioned.
1. First zoom to artboard (ctrl-alt-0)
2. Then, quickly hit "z" for zoom tool if not already selected.
3. Finally, quickly draw a box around the object to be zoomed in on.
This should take around a second or so if you are fast, don't fall prey to being way zoomed in and trying to alt-zoom your way out one step at a time. (happened to me forever, try to break the habit!) This is probably the reason this whole thread got started, since that's the only way to zoom out (other than ctrl-alt-0 of course). If you're already zoomed out the "box" feature of the zoom tool is perfect.
Perhaps with multiple artboards it could be a useful feature to add though, since you could select an item on the layer palette, then instantly find where it was instead of hunting through all the pages.