smallFolio claims that it's "a wicked-simple website solution for the iPhone and iPod Touch". It's essentially a service to create a web presence for photographers and other creative types that is specifically adapted for mobile devices.
smallFolio must have its benefits, but I'm skeptical that photo editors, for instance, will use their iPhones or iTouches to view photographers' websites...to do that, wouldn't they be better served at their desks facing a large monitor? As for a portable marketing tool, I'd prefer loading my portfolios through iPhoto/iTunes on my iTouch, and show them to buyers, clients and others that way.
I've written up the benefits of having one's portfolios on the iTouch in this earlier post.