No disagreements on eBay's terrible design. If you go to 5 different pages on their desktop site you'll get 5 fully different designs.
OK, let's take Amazon (I was going to complain about Google's image search for mobile but I just checked it and it addressed the issues I had with it... still no pinch to zoom, though). On the desktop site, I get a home page filled with images of products that I'm probably interested in based on my previous Amazon habits. On the mobile site, I mostly get text with a small image advertising the Kindle Fire. If I browse to books, I get ~5 list items on the screen at one time, vs the desktop version (on my mobile) that gives me a landing page of bestsellers and books tailored to my interests. There's a whole layer of functionality missing on the mobile version for the sake of formatting that I don't honestly need. The reason why the original iPhone's web browser was so amazing was that it made it comfortable and efficient to browse full desktop web pages on a small screen via the whole pinch to zoom action. On a text heavy page, if I double tap it reflows the whole page to fit text on my screen.
Now, I'm not totally against mobile sites. I've seen some truly wonderfully designed mobile sites like Google's main page and some from design centric companies who don't rely heavily on long lists or grids of items. But I would generally agree with the OP that dedicated mobile sites are largely unnecessary at best and a design nightmare most of the time that actually serves to degrade the expected user experience. Users want to pinch to zoom and drag and double tap.
No I'm asking about click through rates to full sites. As in, what percentage of users choose to stay on the mobile version and what percentage click through to the full desktop site? What percentage of users know how to change their user agent on their mobile browser to only get desktop sites (probably minuscule).