What's important to the mobile web isn't presentation, it's context. It's correct to say that mobile browsers are no longer the sub-par readers of teeny-tiny pages anymore. But the type of information you want when you've got one hand free riding the subway, or when you're stranded in an airport, or when you're waiting in line at an ATM, is fundamentally different than the kind of information you want when you're sitting at a PC or laptop. That's the key to understanding the mobile web - it's context. When a user is browsing on a handheld device, chances are that they want more concise bits of data, or data which is related to their geographic position, or a way to remotely "check in" with a home base.
I've tried to envision a business that addresses this gap, but I haven't quite gotten there yet. Anyone have any ideas? :)