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For example, googlebot and an engineer at google using his desktop computer should see the same thing.
Think about it this way: Your user is sitting on the toilet (where I think 90% of mobile surfing is done) and painfully types your domain into their browser with some horrible t9 interface. Make it simple for them - just let them type in your standard domain. Don't make them guess what the mobile domain might be.
On a related note - is anyone coding in WAP anymore?
Most phones can display html - I would think a stripped down html page is fine for most mobile users. You may even just be able to change stylesheets and have all your content mobile friendly.