For the last 9 months, or thereabouts, we have been bombarded with news that mobile devices will be malware targets. The prediction came true.
The Red Browser sends text messages from your mobile device to premium-rate phone numbers. The article says it is relatively easy to deal with and should be regarded as a proof of concept program. The infection route is different than any predecessors I am aware of because it targets J2ME, Sun Microsystem's mobile Java implementation.
It's sure bet there is more of this "stuff" to come.