At least on the views given to regular web browsers and a web browser masquerading as an iPhone, the text of pre-folded/hidden sections seems to still all be transferred with the rest of the page.
For instance the 'Obama' page transfers a whopping 720 KB of HTML (thankfully compressed down to 128 KB) although all that's shown is an infobox, four paragraphs, and a few section titles.
At least on the desktop version of Safari with tweaked User-Agent for iPhone, a large number of thumbnail images were also loaded despite being in hidden sections.
Version: unspecified
Severity: enhancement
URL: http://en.wikipedia.org/wiki/Obama?useformat=mobile