The good thing with mobile sites (mobile sites done well) is that they take less time to load and ideally should make navigation easier (larger click areas, more prominent navigation and features..). For blogs Wordpress has a few plugins that do this well enough, and can do it better with a little tweaking. The cons of using Safari Mobile for regular browsing is load time, plus lack of some emerging design trends (some methods of font embedding don't register, etc). I'm not crazy about the reduced functionality or slimmed down design of mobile sites, but can accept them on the basis they make surfing much faster.
A well-designed mobile site really works well - it doesn't have to be stale, lifeless and boring unless the designer wants it that way, or doesn't know what he's doing. The problem is that too many designers/developers have somehow gotten stuck on this idea that mobile users are a small, small minority or the mobile version of a website has to look a certain way. Gone are the days when mobile browsers were largely "reduce it to almost plain-text."