I like Opera Mini, which is just like this. But I hope my bank blocks it.
Or a little bit more abstract, the technical security is broken and the user relies on social norms for his privacy. The same social norms which forbid my ISP to sniff my non SSL traffic.
Nokia might not even require a court order to let the government have access to your data. A court order is only to force Nokia to give access.
How do you cache without storing?
This is nothing new or special. Opera mobile browsers for older phones supported only this method of communication. It's worked for years and years. Opera Mini on iPhone does the same. Opera Mobile on Android phones and Opera for desktop have it as an option. I believe there are other tools that do this.