Hey Dave, I've been thinking along the same lines, and actually came to many of the same conclusions as you. The only thing I plan to do slightly differently is to add to the meta tags a request that the search engines NOT index the version designed for smart phones. Since all the content will be duplicated, I want to make sure the main site is the what comes up in searches.

I'd love to hear how others are dealing with this? Maybe there's a better way?