I dont really see the hype over mobile development. So far (with some exceptions) the overwhelming majority of applications I've seen can be split into 2 categories - games / toys, and apps that are simply front ends onto existing websites (for example the facebook app).
Other than games, the number of applications that actually do anything in their own right is astoundingly low (london tube map applications are the only ones the spring to mind), and the majority of the rest of the apps very little user experience improvement beyond basic "offline mode" functionality.
Personally I see the majority of future of mobile development as being web based, with improments to mobile browsers and offline browsing. If the in-browser experience is good enough, and users are able browse downloaded cached copies of websites then the owners of those sites wont need to invest in mobile development across the 3-4 different platforms available, which is comparatively more expensive than web development.
The exception of course being games and toys - the web isnt really a suitable platform for these. At the same time the sorts of users who are going to buy games are probably the same people who already own smartphones, so I cant really see this market growing massively without innovation on the part of the game authors.
The other exception being applications that require access to things like the camera or microphone (and to a certain extent GPS - there is no reason why location information cant be sent to websites by the browser). However once I cant see there being a huge number of applications that fall into this category.