I didn't want an iPhone version of my blog because it's useless but I'd like my iPhone readers to be able to read latest posts with a comfortable UI. The result of this reflexion is this site.
It allows you to get your own iPhone version of your weblog with your RSS feed (Atom is supported and encouraged too). This is just a front-end of your feed for the iPhone device.
Once you get your URL, you can promote it on your website, there are many documented way to detect iPhone users if you want to display the address for iPhone users only. Google is your friend.
Go back to the home and try with your feed, that's the best way to understand the usage.