Using the feed of a blog to generate a mobile friendly version of it is something we have tried when at Kaywa, and I still do believe one can make something nice of it. For various reasons we failed imho but wish all the best to Blog4Mobile :-)… good point to start with they plan to share revenue (and they provide access statistics):
After the beta phase, Blog4Mobile.com will start the central marketing of all mobile blogs. Each user gets up to 70% of the advertising incomes, generated via his mobile blog. Blog4Mobile.com is not only for free, you can even cash in by blogging!