Using media selectors you do not need to have a separate mobile site on a different domain, nor do you have to use a redirect. Instead it resizes your corporate site based on the users screen resolution.
For example, here is my portfolio site (not anywhere close to being done). However, it uses HTML5 and CSS3 to resize based on the size of the browser screen. So try slowly resizing your browser when viewing it and you will see what i am talking about.
The SEO benefits of this are:
- No duplicate content since it uses the same page
- You link splitting since there are not multiple domains or subdomains of content
So instead of creating a new mobile site, you would make updates to your current corporate site.
edit: It is also important to mention that only current browsers can render CSS3 so anything before IE9 or early versions of Chrome or Firefox will simply display the website in its full version. Any newer browsers (especially smartphones) will render CSS3 hence giving the graceful degradation to the users!