Typography is precise, but slow in terms of comprehension.
That's actually one of the things that worries me about Windows Phone 7's UI - it's very heavily text-based, which facilitates first-time usage (no getting things wrong there, unless your text really sucks), but punishes expert/frequent users.
Text takes up a disproportionate amount of screen real estate compared to, say, iconography. They are also harder to scan, their location harder to keep consistent (due to document flow), and given that most people's memories are visual first and linguistic second, harder to remember and make an impression upon.
On small devices, loading your page up with text is generally a bad idea. Obviously unavoidable in certain circumstances (say: reading an article), but there are a lot of things out there in the design world that isn't typography.