It's clear that those in this forum have more questions about mobile SEO than I will be able to answer today. Therefore, I wanted to point all of you to a few of the best resources that I know of for developing and optimizing mobile sites. Hopefully that will bring everyone up to speed on the basics and we can go from there.
First, there's a mobile search optimization white paper that Resolution Media developed last year. It answers a lot of questions about what mobile SEO is, and gives some best practices for getting your mobile sites indexed and ranked in search engines.
Google also has a great help section for webmasters, including mobile webmasters. Here are three
Google: How can I create a mobile sitemap?
Google: Where can I find information on developing my own mobile sites?
Google: I have a mobile site. How can I add it to Google's mobile index?
These things explain the basics. If you need more, there are several blogs in the space, including mine. I also save many mobile SEO resources in my del.icio.us bookmarks, if any of you are on del.icio.us.