The lite mode itself has been around for ages - it's just the convenient subdomain recently added.
We've got several iPhone users (and plenty of Android, WinMo, etc) and nobody has yet mentioned zooming as being necessary - are you sure you don't have your text size defaulted to small, or something?
Maybe a font-size preference (like the main UI has) could solve that in any case.
The zooming causing side-scrolls is an iPhone bug - at least on my Android mobile it wraps the text to the screen as you zoom - which is sensible behaviour for a mobile. With the above font pref, this issue would go away anyway.
For buttons, again could use font pref. The only issue I have with buttons is the radio buttons for html mode - it would be good if they could have labels added for easier use (I think this applies to non lite mode also; can't remember for sure).
Oh, and when posting a new thread, the Post button is at the bottom and half under the onscreen quick nav control thing... not explained very well, maybe if another Android user can see what I mean? (same problem with Apply button on edit page).
For point 3, I'm a bit confused - the address bar is part of the browser, not the page?
Unless there's some metatag that instructs mobile Safari to hide it, but that doesn't make sense.
Can you clarify what you're seeing/expecting for this?
EDITED: 3 Mar 2010 08:04 by BOUGHTONP