1-Bandwidth limitations. Have you tried using AT&T in San Francisco?
2-Divergent platforms: I write mobile software for a living and I'd say about 60% of my time is spent making the same software work on a different device. This is ruthlessly inefficient and I've yet to see anything (aside from the single resolution iPhone) to address this issue.
3- User Interface: Small screens, small keyboards.
Mobile will be big, but it's got problems, and if too much VC is poured in now we'll build up a market that can't be sustained. It's already happened, in some ways, with the iPhone marketplace.
Easy does it.