Interesting that UK tabloid newspaper The Sun are launching a mobile portal, but it's not one of the rash of Java portals we've seen recently - but rather a WAP effort: "Sun Mobile gives us a direct, interactive relationship with our customers on mobile."
IMHO this makes the most sense. Co-branded versions can be produced for operators, allowing the Sun to get distribution, traffic, and revenue through them (and remember, there's a closer correlation between traffic and revenue with mobile than there ever was with the web). And at the same time they can promote an own-brand version too, with little incremental cost. Oh, and they're not paying a supplier to reimplement a WAP browser for them in the process.