Smartphones aren't portrait. They can be held in either orientation and the browser will comply. So it's
we humans who mostly choose to hold the phone in portrait orientation. There's no single answer, but I'll offer pointers:
- Ergonomics. It's generally easier to hold and handle a smartphone one-handed in portrait.
- Readability. Speaking personally, it's mostly annoying to have wide text lines and a short display height. The exclusive reason I use landscape on the mobile web is when the site doesn't handle mobile and the text is just too small even on a high PPI display. Switching to landscape generally increases the text size while keeping each line visible.
If you haven't already, search for resources on Responsive Web Design. Ethan Marcotte's essay[1] at A List Apart was a big spark under this movement, and a LOT more has been written and implemented in this vein since that was written.
[1] http://alistapart.com/article/responsive-web-design/