Last week I became co-maintainer of the Mobile Theme. http://drupal.org/project/mobile
Since the theme first was launched years ago, much has happened in the mobile space -- to the point where mobile first is becoming the smart way to go.
I've started a new 7.x-2.x branch of the module to focus on new styles for clean, readable presentation of content on various mobile platforms. First up is developing clean type presentation, with responsive design adjusting for screen sizes. Other plans are largely TBD, but do include HTML5 support down the line and perhaps some color.module support (so people can customize the basic look without having to create a subtheme).
What would you like to see in the Mobile theme? What are the musts and wants as you see it?