Hmm... whilst I take your point on this, I have had a play with opera mini... I guess it's the screen size that's the main issue here (I've seen it in operation on a RAZR) but it just doesn't "feel" like the "real" Internet.
Granted, I'm not one of the lucky few to have actually had a go on the iPhone, so perhaps it won't be any better than opera, but looking at the demo from MWSF and the iPhone pages on apple.com, the iPhone's browser looks much better than opera, or any other mobile browser I've seen before.
Well that maybe true that it looks better, but the key thing has to be does it preform better or just as good as the competition. I think the big sleeper here would be Firefox Mimmo(SP?) when that gets out of pre-beta and into a final release.