Additionally, a showed that smartphone usage isn't egalitarian; men make up 58 percent of handset buyers, for example, and 40 percent of those are young, between 25 and 34 years old. Without throwing around ageist stereotypes, it's fair to say that younger people go out more than older people, and are therefore more likely to perform the local searches Google claims can drive advertising.

Indeed, as far as mobile advertising is concerned, we might be experiencing a golden era right now. The marketplace may well be diluted as capable devices fall in price.

There's little doubt that mobile search is an important new market and it's certainly true that mobile versions of sites are necessary. However, a little more time might be needed to see how the field plays out before any major investments are made.