Well, it tries to look like any of several cellphone models, but I use the OpenWave SDK for my WAP work.
The reason there are no/few generic "wap browsers", is that WAP is really only used on cellphones, with their very limited displays. So it makes sense to present a browser layout that resembles real life.
That said, any WAP one does MUST be tested on at least TWO simulators: one for OpenWave, and another for Nokia. The two "standards" are completely different in how they present certain elements. I find that at least two versions of WAP pages are required to work well for each type.
Cheers