I'd have modded you up if you weren't already at +5. This echoes my own feelings on the subject quite eloquently, although I have owned a smartphone, and browsed on it. IMO, the ONLY reason to browse on a smartphone is that you don't have a desktop available - it's a terrible experience all around; I'm glad that developers are trying to get all the functionality they can into mobile browsers, but when you throw a current mobile browser against a web site that's designed for a desktop PC, which have the ability to make changes to the page on the "mouseover" event, usually a lot more processing power, and a far wider range of available plug-ins for browsers....it's seems likely to utterly fail, not because it's not a good for mobile, but because it's not a good for desktop.
I can see some purpose to HAVING a mobile interface...but mobile is SUCH a different environment from desktop that it deserves to have a totally separate UI. A mobile UI might also be worth copying for, say, an Android-on-a-TV type device that use Wiimote style pointer for input...but is definitely NOT worth copying for the desktop space, where a mouse and keyboard are the expected interface devices.