Mobile WordPress is not something that is going to be done and figured out in a day. As devices and peoples usage patterns evolve, over time we'll have to adjust to this as well. And while all of us take smart phones and tablets for granted now, only a small subset of this world's population has such devices to connect to the Internet. Many use much simpler phones and devices, and so to truly democratize publishing it can't stop with a fancy iOS app.
In core WordPress we'll track our progress and discuss over on the Make/Mobile blog. Feel free to chime in there! http://make.wordpress.org/mobile
I was in TechStars class '07, with IntenseDebate. I really enjoyed the TechStars experience and have greatly leveraged from the network I was able to build.
Incubators are generally looking for good teams and less for the perfect business. It's a growing process finding the right thing for the team to do, but if the team works well, you have a much higher chance to create a good business. As for learning as much as possible - ask questions! Everybody is there to help, and even just touching base with your fellow "classmates" is very useful as it often helps you to avoid problems you might've run into otherwise.
In core WordPress we'll track our progress and discuss over on the Make/Mobile blog. Feel free to chime in there! http://make.wordpress.org/mobile