Is pinch and zoom functionality not available in iPhone 5 iOS v 6.0.1?
Yes - that feature is not available on any of the devices I tested running iOS 6.0.1. In fact, I've never known pinch and zoom to work on any iOS device while the camera is in video mode.

The video camera appears to be fixed zoom on the following:


iPhone 5
iPhone 4
iPad Mini
iPad (3rd generation)


Have you found somewhere that this should work? (Or some OS where you can zoom) I have always corrected the crop and zoom of video on post production using iMovie so perhaps I've missed this as a feature in the past.