You might want to check out a list of mobile SEO resources I compiled last week for a start:
http://www.seoptimise.com/blog/2009/07/33-mobile-seo-mobile-...
[Edit:] Also "blocking search engine crawlers from seeing the mobile view" will result in your mobile pages removed completely, from the mobile index as well.
More complex sites would need a more tuned site (i.e. m.wikipedia.org - notice how the edit stuff is cut out for example)
ps- i hope i've understood your contention correctly :D
From a SEO perspective we always try to avoid duplicate content issues and splitting up of your site authority. I'd recommend the current issue of the Search Marketing Standard Magazine (disclosure: I'm an affiliate of it) which features an interview with mobile SEO Cindy Krum. She explains the issue with separate sites/pages quite well.
On the other hand I have witnessed the negative impact of such subdomain based mobile SEO already years ago. It never quite worked with Google.