I have an iPhone and when I browse the web, the pages come up just like on my computer screen, only smaller. I even see the adsense ads. If mobile phones are becoming more advanced and are starting to offer a web browsing experience more and more like when on your laptop/desktop what's the point of creating a mobile version of a site?
Even the Blackberries now offer browsers you can download that work just like IE, etc. on your computer.
I guess it is harder to read, though.
Anyway, keep us informed on how things go!