WordPress.org

Do I need to configure anything to get it going?

No, the default is to do nothing other than activating the plugin and making sure your feeds are switched on (which is a wordpress default).

Can I change the colours of the mobile version

Yes, you go to Mippin.com on your PC and type in your url of your blog. Then sign up and sign in and modify your settings in the customise settings.

can I add advertising for my mobile version?

Yes, you can add AdMob advertisements to the mobile version of your pages. All you have to do is sign up for Admob (at www.admob.com) and then add your AdMob Site ID on the Monetize Option.