I'm not aware of any mobile phone in the USA that has a light that turns on when recording (not including the flash). Glass won't have any special zoom capabilities. It's the same as a phone. If you're afraid of someone zooming in on sensitive data don't put it near a window where others can see it.
You are right.No phone has that but you can see a light in the prism on Glass when the device is recording. I am sure they can add zoom capabilities to the device.
The point is that no matter what alert signals you get, you can't just beat/accuse someone just because he is recording.It's a two-way street.