Smartphone web page designing

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Is there a best way to design web pages for Smartphones or PDA devices?

There seems to be 2 schools of thought: 1. pages designed specifically for these devices, and 2. that all web pages be designed to work with both PC's and mobile devices. I think most users would be using Windows Mobile 5.0 or 2003 but there may be some using the Palm OS. The little research I have done so far indicates screen size to be the main limiting factor as some devices' screens are vertically taller, or square, and the latest have smaller high definition wide-screens of 320x240 pixels.

For the first school of thought, e.g. pages specifically designed for these devices, I thought of creating an iFramed page and placing the data is in a table with automatic table widths. (CSB  Tables>Size and Alignment>Width Percentage e.g. 98%). I just don't know what to do with form field widths as they are fixed. Also most of these devices cannot see Flash as they don't have software installed to run it. For the second school of thought, it would probably mean that the entire site be redesigned, but how to deal with forms, flash etc. which have fixed widths, I don't know. This is a completely new use of CSB and other web design software for me and I would appreciate any ideas.

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Well... consider that the new IPHONE says it will load regular webpages, not the reduced versions.
You know many companies will try to produce their own version and I expect that is one feature they will try to emulate.

Do you expect users on phones, pdas etc to be filling forms?
Why not provide them with an EMAIL style link, using a CAPTCHA style check to limit spamming?
Then you don't have to worry with form field width.
Check out:  h**p://www.websitedatabases.com/captcha_image_security/captcha_image.html

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Most of the people I have spoken to using a Pocket PC or a Smartphone PDA are running either Windows Mobile Pocket PC 2002, 2003 or WM5 OS on their devices so they are mainly using the bundled browser which is Windows Internet Explorer Mobile. The Opera Mobile browser is also popular as far as I can see. The iPhone to be released tomorrow will comply to Web 2.0 standards and have the Safari Mac Mobile browser and the touch screen allows scroll bars to be removed on the small screen for better viewing.

Forms will definitely be used and I will check your link - thanks. Good idea for email link. I do think the basic login form or even a Google search will be popular. Google have been using technology to determine if a browsing device is a PC or PDA and automatically switch to their mobile pages if its a PDA type browser. Projections say that WiFi calling will become mainstream next year which means that mobile device users will have to login to e.g. Skype and hence browsing.

I will do a bit more research. This site advertises PDA web development: h**p://www.johnprice.com/