Opera's made a very good living on their Mobile version, but I think they're in major trouble there now, thanks to WebKit. WebKit is a very good browser core, and it's free and open source (plus, it doesn't hurt that it lets mobile phone makers imitate Safari on the iPhone, since they're all based on the same core).
Look at the players that have adopted WebKit-- Apple, Motorola, Nokia, Palm, and Google for Android. In two years, it's taken somewhere between 50%-60% of the mobile browser marketâ" about half of that appears to be iPhone/iPod Touch.
Opera's problem is that, even if a "new smartphone takes over," if it comes from Palm, Nokia, or runs Android, it's going to have a WebKit-based browser on it, not Opera.
That's why my first two troubleshooting questions are always:
1. Is it plugged in and turned on?
2. Are you sure?
He has not acquired a fortune; the fortune has acquired him. -- Bion