My current understanding is that there's just one exact solution to the problem of detecting whether a browser is mobile and next detecting its real capabilities. This solution is ScientiaMobile's WURFL (http://www.scientiamobile.com). Which, as of Aug30, is no longer free for every use. WURFL is now released with an ASP.NET API under AGPL. The data repository also comes with a specific license that disallows both copying and using with APIs different from the standard one (unless one purchases a commercial license).
So for practical purposes other approaches such as 51Degrees cannot be used with more recent and future versions of the WURFL repository and this will make it difficult for 51Degrees to detect new devices (Windows Phone 7.5, for example).
As for MDBF (a dismissed project), it may still work to detect whether a device is mobile (much better than the IsMobileDevice in ASP.NET). It is not entirely reliable as far as properties of the device are concerned. It insists that my HTC Desire Android has a 240x320 screen size, which is patently incorrect.
My company bought a WURFL license and we're absolutely OK with that.