And many other things that are little tougher to define, but no less important.

Go ahead. Look at your site on your mobile phone. We'll wait for it to load. :)
The truth is, if your site doesn't look or perform as you'd like, you're not alone. In fact, browse your competitors' sites, too. I bet they don't have a site optimized for mobile either. That doesn't mean it's not important. It means it's an opportunity for your business. With exponential growth in mobile traffic to online destinations, the time is now to consider a mobile website.
A mobile site is a re-orientation of your existing site content for mobile browsers. Certainly, that's a very simplified way of looking at it, but that's basically what it is. The aim is to optimize your site's information to load faster and display more appropriate content for people on-the-go. It also doesn't hurt that your mobile site will look good, too.
No. You're thinking of a "native application"—an application that you download to your phone. All of those cell phone commercials will have you believe that you need one of those. Truth is, maybe you do need one of those, too. But, what's most important for your business is to first create a user-friendly and accessible mobile web experience.
