Speaking of Google, they’re starting to pay more attention to mobile website variations. Google’s Webmaster Central Blog commented that they “plan to roll out several ranking changes in the near future that address sites that are mis-configured for smartphone users.” The premise of the discussion is that it may be better to serve the same content for mobile users with a mobile friendly design instead of serving completely different content for mobile users. If your mobile site pulls content from the same database as your “desktop” site than it is less likely that you will have any content issues.
One area that you should still to pay attention to is how efficiently your mobile version website loads. Google implies that there may be special attention towards errors that show up only on mobile websites but not the desktop alternatives on regular computers.