Look at the games released for phones...Angry Birds for example: No special video effects, cute but not really great graphics, and still really successful.
Now look at games like Lionheart, Turrican 2/3, Apidya...IMO ECS restriction are more than enough for creating good games for phones (graphics and sound wise)
You don't need games with overwhelming graphics and effects to be successful on mobile platforms. Angry Birds and IREM's release of R-Type prove that case for me.
I like galahad's idea, so let's try to not make the project too difficult before it has even started