Okay, so I tried this out on an iPhone 3G and an iTouch. They both work the same; however, the iPhone you can do the phone conference call at the same time you are watching the screen or even chat. I will say it is small and you will need to squint. But, you get the general concept of the meeting.
The iTouch could also see the screen, but you need to be on a LAN line or phone to be in the audio portion unless you are just texting to communicate.
So, overall for the Adobe Connect Mobile 1.0, its okay. I am not jumping up and raving about it yet, but hopefully they will figure out a way where it can stream the audio portion so you don't need to dial in.
Oh, and did I say that it works best if you are on WiFi versus the Edge (this depended on your connection and location).
Last, attached is a document to read more about it.
So to sum things up - would I recommend this to people right now? Probably not because it is hard to see. Would I use it? It depends on the meeting. Because it is hard to see the screen and I could not use the zoom function you normally would be able to do on an iPhone or iTouch, it really depends on the purpose of the meeting.