My 2 pfennings:
Up until this past year, I have been a die-hard fan of *not* having anything battery powered on my M4. I have honestly zeroed the M68 (aimpoint) that the BN required me to have on my rifle, then taken it off, put on my carry handle sight and zeroed that for range and eventual combat use. While I was in Iraq last time, I kept my 68 on my weapon, but used my B/U sight for shooting, mainly because batteries where hard to come by.
In the middle of last year, my Company got enough EOtechs for even us lowly Bradley crewmembers to get a few. After some wheeling a dealing with the platoon armorer, I secured myself one for my M4. I have it zeroed to the point that I can easily have 5 shots covered by a dime on the 25mm zero target. I just recently had no problem dropping 350 meter targets on our Known Distance range here on Baumholder. I still can't qual expert though... damn 10 shots from a kneeling stance kill me every time.
As far as something that offers both a bit of zoom and quick, close up shooting, my friend has something he purchaced that works all sorts of nifty. He's got the Leupold Mark 4 CQ/T 1-3x14mm scope. I've played around with it and have been quite impressed on both CQ ranges and KD ranges. It gives you one less mag than the ACOG, but with a twist of the barrel gives you 1X so you're not looking at the threads on a >25m target's shirt. It also costs around 400 bucks less than the ACOG, which I think is nifty. Now if I could only convince my wife to let me drop 800 bones on something for work...