Greg at Brain Handles offers another suggestion, using the script to reformat a page using mobile detected CSS scripts. There are some challenges to his script, specifically for designers who aren't familiar with php scripting.
Personally, I prefer using the simpler script and having a completely customized page for mobile users. This way, you aren't just reformatting the content for mobile, but you can customize the content completely. The php script Greg offers, however, has advantages for internal users who want to reuse content that is simply reformatted instead of offering completely custom content for your viewers.