Create theme for mobile phones and tablets only?

It’s doable with a user agent string “sniffer”. Take a look at this project: http://mobiledetect.net

Mind you, this approach can be troublesome as most modern browsers can ‘fake’ their user agent strings. Also, this approach doesn’t work to well with caching systems.

I’ve implemented it successfully on a project I worked on, and I know it’s possible but it has some caveats. If you’re willing to overlook those small problems, I personally think this is the way to go (at least until WordPress gives us the proper tools to create better [and faster] websites).