GlimmerBlocker (uses ABP's blacklist) does the trick (or your favorite ad-block daemon). More effective than browser plugins since it works across multiple apps (browser, email, feed reader, etc). Even more effective if you have your own web server w/ said daemon. I do this with all the wired/wireless clients at home. Setup up the iPhone to use your own server via proxy and you'll have all the ad blocking you want.

Except 1 memristor = (40nm)^3, which is considerably smaller than 1 modern solid state transistor, not even considering 6 of them to achieve the same functionality. Thus, higher density + higher functionality + lower power usage = uber pwnage