New York Times
Content: Usability:
mobile.nytimes.com (xhtml-mp)
mobile.nytimes.com (xhtml-mp)
You won't get much argument, The Times is the US's best newspaper. I know, newspapers are becoming irrelevant - but The Times is an American institution, an icon.
The Times' mobile site includes content from all the Time's sections as well as from the Internation Herald Tribune which it publishes. There's also some mobile specific content includin wheather forcasts for any city in the world and currency exchange rates.
The Times has experimented with different payment models over the years alternating between free and paywalled. Currently the Times' mobile site uses a modified paywall that lets user read 10 articles per month for free.