I've played while on my phone before. I tend not to do it, and simply fiddle with an MP3 player for as little time as possible when I need a distraction.

What does this mean? It's clearly a behaviour that is increasingly popular.

My take:

1. Players who behave like this are more rigid in early street standards, in particular, their pre-flop play will not vary much.
2. Players who act in this way are less likely to run a bluff, and are more cautious overall. They are less likely to spaz.

Though these generalities can only be taken to an extent, as the player gets off the device as soon as they act. You also can get other "non-combat tells" (as Mike Caro would put it) from these players to get a cohesive picture as they are more likely to exhibit related tells and behaviours.

I am ~100% sure there are posters who have thoughts about the phones that I've missed, or disagree.