As I’ve said many (many!) times, building a mobile-specific site isn’t the answer.
One-third of a site’s visitors will choose to visit the full site if given the option between the two. That’s because people want the same breadth and depth of content and a consistent user experience, no matter what device they use. Site owners who can deliver a fast, reliable, cross-platform user experience are going to be the ones who own the web of the not-so-distant future.