Describing itself as the world's "first social bookmarking system completely designed and optimized for mobile phone users", PhoneFavs is new and free. In addition to the social bookmark element, there's a mobile link directory and a new "mobilizing" engine which automatically adapts standard web pages for improved viewing on smaller screen devices and, helpfully, has an 'images on/off' toggle. See below for links and the press release.
Read on in the full article.