AdSense for Mobile Content is available at a limited number of locations as of now; if it is available at your location, have you tried AdSense for Mobile Content? Currently I am using it in only 1 of my blogs where I use WP Touch Pro plugin to serve pages to mobile users. Not many but decent number of page impressions so far, CTR is not quite high, and highest click value that I've seen so far is $0.67. (We can only display 1 ad per mobile page and 1 search box) Share your stories please, if you're using AdSense for Mobile Content.
Have seen it and wondered what kind of money it brought in. Probably wait until I can hear more about it, and maybe how it looks unless someone here has it running and can post a link.