Since release 0.9.0 W3 Total Cache has an excellent mobile support. The author has done a great job with this update and now it works smoothly. Different mobile plugins or themes might require some slightly settings, but the default should work for most cases.
Configuring WordPress Mobile Pack
Configuring the WordPress Mobile Pack with W3 Total Cache 0.9 and above is a breeze, in fact, you have to do nothing! Just to make sure things are enabled, go to the “User Agent Groups Settings” section of the W3 Total Cache settings, make sure there are two groups enabled (high and low) and leave the default settings. Save. Clear Cache. If you have “Preview mode” enabled, deploy. That’s it.
How fast will this be?
W3 Total Cache generates nice cache files for the mobile version and then uses Apache to serve the files, this means that it will be AS FAST AS IT CAN BE! Enjoy speed and low resources consumption with full mobile support.