A WebmasterWorld thread reports that the Google Wireless Transcoder (GWT) does not obey the noarchive meta tag to tell Google not to cache a particular page and does not serve up the ads, including AdSense on the page.
I do not have an example of Google not obeying the cache command, but simplicity posts that he tried it on a page he has the meta tag on, and it indeed caches it.
You can test it out by going to http://www.google.com/gwt/n and entering in an example URL there.
Regarding not showing ads, including AdSense, you can clearly see that all my "premium sponsors" including the AdSense ads are removed from the GWT.
Forum discussion at WebmasterWorld.