I just completed a mobile site for a realtor client to show her listings www.laurenherman.com/mobile

It is not meant to replace her main website but it is a good sales method for customers who are driving through the area looking for homes. She is having 4 x 4" stickers with the QR code for the site that she can stick on the Take One boxes next to the for sale signs.

I tried it out the site on my walk yesterday with my Windows phone and the site loaded quickly as did the photos.

So, yes, this is definitely the wave of the future. Especially when used to provide site specific content.