I was browsing the popular plugins, and found WPtouch on the first page, its an iPhone theme plugin which only gets activated when you visit the blog from your iPhone.
It looks quite impressive. It has a bit of ajax on it to load summaries, older posts, categories etc.

Surely when the phone internet becomes alot faster which it will this app will become pointless. As you really want to see the individuality of a blog design when you read someones blog.
Yep I agree that the blog should really keep its own individuality.
The problem is not the speed of the internet on the phone (my blog loads just as fast on the standard theme as it does with the plugin’s theme). It’s that websites aren’t optimised in design for mobile devices.
Using most sites on the phone requires zooming in on the bits of content you want to read. Some sites are worse than others requiring horizontal as well as vertical scrolling to read an article.
Having a version of the site which is more streamlined in design, fitting the entire page in the width of the phone without horizontal scrolling or needing to zoom, with menu’s tucked away, makes the experience much easier. Its the same issue as having to fit a website in 800×600, but on an even smaller scale.