From the looks of things, it can. The graphics obviously can't be the same, but Betrayal looks like a pretty, Super Nintendo-style, side scroller. And don't think Kratos will ease up on his enemies just because he's on a cell phone; there's blood-splattering attacks and brutal finishing moves on the mobile version. The controls will take some getting used to (as they'll be mapped to the keypad), but the transition shouldn't be too much of a hassle.
There's no official word on when it comes out, but it shouldn't be too long before you're decapitating your enemies while you're waiting for the bus.