About three weeks from now I've started a project to bring a mobile interface to the Django Admin and 173 commits later, here's the 1.0 pre-alpha release!
There was already a Django mobileadmin available, but it doesn't use jQuery mobile. The key difference between mobileadmin and jqmobile is the way we deal with templates. With mobileadmin you get a very flexible solution that allows you to have different templates for each mobile devices wheras jqmobile reuse the same templates for each mobile devices and let jQuery mobile deal with the mess.
Furthermore, jqmobile has been designed to fit with grappelli's design and is compatible with it.
I think both project have their raison d'etre and developers should chose according to their needs.