Okay, so I've chosen "Mobile-optimized sites with styled text and some graphics", but it is more a case of going to site and optimizing them myself, all depending on the original site. There are some whose desktop version translated perfectly for mobile browsing, but there are others where the mobile version is the only usable option and others where text only is the best choice. I have shown a few examples below:
Here on Connection I have my view option set to "Fit to Screen" and this renders the site perfectly for 240x320 pixel viewing.
But for BBC News, I will choose the printable version which displays the text only. The BBC site is wider than my screen so when I am using finger gestures to scroll the screen it can be hard to keep the text alligned. The printable page is easy to read and although it then loses related links, I can always switch back to main page if I want to learn more background on the story.
I visit YouTube on my mobile quite a lot, but here I have two different methods. For general watching I use an App called YouTubePlay, providing a search option and a fast and constant stream, but I also visit the site to download videos. I do not use the Mobile site, I view the full desktop version because in this case it gives more info.
I also have Google as my homepage (it is quick to load) and here I do use the mobile page as the frontpage and the results have been designed very well for 240x320 viewing.
All of the sites that I frequent on my PC, I will also visit while mobile and how I view them, simply depends on they translate onto a smaller screen. If/When I get a VGA mobile device, my viewing style will alter accordingly.