Stealing credit card information is big business so perhaps it should come as no surprise that we're seeing so many phishing attacks targeted at even niche services like MobileMe. We've reported on a bunch of them already, and this latest one is just more of the same.
If you get an email warning you about the status of your account, asking you to verify billing info, or basically asking you anything at all, NEVER click on the link. Always launch your web browser and type in the main URL by hand (i.e. don't click on the email's "Login" button, go to Firefox or Safari and type in "http://www.me.com/"). (And yes, DNS can be cache poisoned and localhosts can be over-written, but depending how valuable a target you are and how much time you want to invest in proofing yourself, manually entering URLs is a good compromise between convenience and security.
Apple Insider has all the details for those who want them. Surf safe!