I finally upgraded to a smartphone a couple months ago. I spent a few hours poking around and I have to say I was pleasantly surprised at how easy it was to browse regular desktop versions of sites. On my own site, it was nothing but a breeze to checkout and enter all my data. I was ecstatic about it.
I came away from it all wondering why we even need special mobile versions of sites. I'm sure there are plenty of exceptions, but for me, the rule is to use the standard desktop version of a site and avoid the limited mobile version at all costs. I should mention that this is on a Samsung Galaxy S3. I know iPhones are smaller, but I can only imagine that screens will get larger and larger. I'm sure iPhones will catch up by the next product refresh. I can't imagine that any new phones will be smaller than my S3.
I have fat fingers and bad eyesight. And since owning this phone, I have yet to find reason for needing a mobile version of any ecommerce site. Only if Google starts penalizing sites for not having a mobile version will I have anything to worry about on Black Friday.