UPDATE: See end of post for updated info.
I've spent the last half an hour hunting around for mention of this and at least according to my searches, it is brand spanking new.
Accessing and Using Google Mobile
You can access Google Mobile by simply navigating to the normal Google home page. Presumably it detects you're on a mobile phone and displays the correct formatting for you. You can see how it looks in a web browser by going to www.google.com/xhtml
What you can do..
You can use Google Mobile for:
You can also Add Google Mobile to your site.
Looks good doesn't it?
As many Threadwatch members pointed out, this does appear to be a repackaging operation from Google. Gary Price also emailed me to drop a few URLs that support this: