I think it's mostly OK. A lot of my problems with mobile would be alleviated if I could get a browser to reflow text on demand. It used to be you could set your zoom level, double tap and the page would reflow to the new zoom level. This doesn't seem possible now, so I'm always scrolling side to side if I want to be zoomed in a bit more.

I have a few other minor problems about how Wikipedia's mobile page handles without Javascript enabled, but one big thing is that there's a minimum zoom level set. I can zoom in, but I can't zoom out, which means if I want more text per line, there's nothing to be done. This again feeds in to the lack of reflow in mobile browsers. I have no idea why this feature went away, but it completely ruined the mobile web for me.

I find it laggy when browsing to section anchors or more generally to big pages. Other than that, you're right, the mobile site is nice.