I suggest not to use a subfolder or you'll have problems with URLs. Create a virtual host on you local apache ! it's by far the best solution !
look here
http://akrabat.com/zend-framework-tutorial/
download the PDF, at the end of page 3 there is the guide to configure the virtualhost
Briefly,
add this to apache conf file
<VirtualHost *:80>
ServerName zf-tutorial.localhost
DocumentRoot /var/www/html/zf-tutorial/public
<Directory "/var/www/html/zf-tutorial/public">
AllowOverride All
</Directory>
</VirtualHost>
where
/var/www/html/zf-tutorial/public
is the path to the index.php (inside public folder of the zend project)
If you are using windows, use c:/www/etc...
then edit hosts file (linux: /etc/hosts)
and add the line
127.1.0.1 zf-tutorial
restart apache and networking daemon (if you are using windows, just restart local apache)
point the browser to
http://zf-tutorial