It’s not great, but it is functional. You can get the mobile emulator here: http://msdn.microsoft.com/mobility/windowsmobile/downloads/emulatorpreview/default.aspx
SharePoint mobile sites can be accessed by appending an “/m” at the end of the URL. From this mobile landing page you can access the lists, libraries and list items on the site, just don’t expect any fancy UI or branding.
More information can be found on Martin Kearn’s blog posting.