I found this wordpress plugin to optimize my blog page for iPhone and iTouch. Basically what it does is to reskin the theme to fit in iPhone or iTouch. You can only see the optimized page while browsing using safari from your iPhone or iTouch so you don’t need to worry about the theme that you are currently using.
It’s said that this plugin is not compatible with wp-cache plugin, however, I use both at the same time and has not found any problems so far
After the plugin is installed, my blog is much easier to read and you don’t need to magnify it in order to read the text. I must say it’s a nice plugin for iPhone/iTouch users :). You can get the plugin from here.