If you made an "app browser" that allowed better searching (type the first letter and the app appears --- tap to open it), sorting (like bookmark folders) and easy navigation between apps, you'd be presenting me a much better experience than the current process of finding and switching between apps on your phone.
That said, I still think pure mobile web could be the future. Why couldn't Apple allow mobile web apps to be sold in the app store? It's an icon that opens a web page. It could be as simple as that.
Let's take it a step further. Imagine that when you download this new type of mobile web app, Apple calls a JavaScript API that reads the HTML manifest in the 'index' file and loads the resources in the background. Apple shows the downloading bar over the app icon while this happens, just like downloading an app today. When you click it, everything is loaded and ready to rock.