Mobile Commerce, Really?

A colleague recently bent my ear regarding mobile commerce and how she can barely wait for some of the new services (like this one) to become available in her area. I love a good gadget as much as the next guy, but having lived through electronic wallets and many of the other “great ideas” on the front-side of the dot com boom, I’m a bit skeptical.
For those that are willing to learn, failures teach us more than successes, so this got me thinking about what the past can teach us about these new service offerings. I’m not talking about ringtones and wallpaper; I’m only talking about stuff you buy with your phone, not for your phone.