One of the big stories this week is Opera Mini for the iPhone. Opera Mini isn't a normal web browser, however. When you click a link, Opera Mini sends the request to one of Opera's servers which renders the page and sends back a much smaller file that represents that page - usually just a image file with mapped links — usually without interactivity. This is great for WAP phone which can't hardly browse the web otherwise.
But why do you need this on the iPhone? Though Opera claims speed increases (we doubt) of 5x, you lose any interactivity and WebKit browsers do a pretty good job of rendering real web pages including HTML5. Here's a video of Opera Mini on the iPhone (Alpha):