WebView wrap-content
Set the initial scale to 1. It then zooms in to fill the screen. Haven't tested how this works on really tall web sites (blog posts with lots of comments for example) but it's working on a Droid X and an HTC Aria with a standard web page.
WebView.setInitialScale(1);
I'll continue testing with different web pages but so far this is the best solution I've got for this issue.
EDIT: Tested with an obscenely long web page on both Droid X and Aria and got positive results on both. Setting the initial scale to 0 seems to turn the whole thing off resulting in initial scale being 100. I'm happy with these results, hope this helps others struggling with this issue.
You can also try setting an layout algorithm for the same.It worked for me
webview.getSettings().setLayoutAlgorithm(LayoutAlgorithm.SINGLE_COLUMN);