So why mobile websites? What's wrong with a regular site?
If you have viewed a website on a mobile phone you will know exactly what the problem is.
You can't read the text without zooming in and then you have to scroll left/ right and up/down just to be able to view the information. Not very user friendly and it doesn't encourage you to spend much time on the site.
You see, your regular website has too much stuff on it. Too many images, too much flash, too much of everything. That also causes sites to load much slower on mobile browsers.
The buttons and links are too small to click on and the page needs to be scrolled up and down and side to side to view content.
Mobile websites need to be user friendly and have only the necessary information on the site. Business name, phone number, a map to your location and other important info such as menus and general product information.