Basically mobile Websites offer the user fast loading pages with core content and simple navigation. One good and very clear example of how a mobile or mobi Website differs from a normal site is what BMW, the car manufacturer, has done - click on http://www.bmw.mobi/ Others include http://mobile.bupa.co.uk/ and another car company http://volvoc70act.mobi/
You will notice that these mobile sites have far narrower displays with less text and fewer and simpler navigation options when compared to their main Website addresses, making each a lot easier to view and browse whilst away from your normal desktop screen using an iphone, Blackberry or other smartphone.
These sites can be added to the hosting of an existing Website using the same Website space and features. You can register a separate Domain as BMW has done or simply create a sub-domain such as mobi.the-bureau.co.uk which works just as well.
Mobile Websites are particularly good at drawing attention to new products and services, offering a simple way to request information, literature, a call back, as well as providing useful emergency helpline numbers, even a claims reporting facility.
They are growing in popularity.