Using a tool recommended by netmeg earlier in this thread I looked at how one of my sites appeared on three different phones (well, I looked at how the tool indicated they looked)
In all three cases, the site looked fine, use of scroll bars was necessary to see it all, but there were blank spaces where AdSense ads were supposed to appear.
I looked around the web and it appears there are a lot of different "tools" one can use to create a mobile version of a site, but they all seem to have this or that disadvantage.
Isn't there a huge opportunity here for someone, maybe Google, to create some type of easy-to-use killer tool or application that creates mobile versions of sites where everything works as intended? Just the additional AdWords revenue alone would seem to make it worthwhile for Google.