Even though this is a rather old thread I thought I should chip in with this comment.
Regardless of the quality of the "mobile" version of the content (and as pointed out above the quality is very poor) it's the wrong approach anyway. Similarly to providing a "text only" version, by providing an inferior version in order to facilitate accessibility you're doing most users a disservice.
Say for example you are relying on keyboard access (i.e. no mouse) - which MOSS nearly supports but doesn't quite manage properly - you have to use the "accessible" version and suddenly you have no graphics, no layout, truncated content, etc. It's far better to fix the "full" version (although that's by no means a trivial task!).
For more details see
http://www.rnib.org.uk/xpedio/groups/public/documents/PublicWebsite/public_textbasedwebsites.hcsp