Apparently writing a comment to Brian's Post doesn't work for me, so I divulge my sample thougths - attention: shameless promo - here.
I cannot repeat over and over again (sorry TBL) that a CSS stylesheet won't do. A mobile is not the same as a webpage and just changing the CSS won't be enough. 1) You need content which is adequate, 2) the navigation has to be rethought (rather think RSS-Reader than 3rd level navigation; and use the accesskeys if possible), 3) think about a mobile portal, so that typing addresses is not needed anymore.

It won't suprise you, if I say that we have already a solution. First take a blog -- "the" personal publishig medium. Then think about how to make it mobile. Then use some WURFL magic and some key persons like Jérôme and Raffael and then... you get something which really rocks.
Then convince the telcos that only by going "flat" they will survive in the long term, which is definitely not untrue and then ... the future looks bright for all of us.