So for reference, when I left Sun in '95 I joined a startup named 'Golfweb' as their 'technology' guy. Golfweb was an online magazine about Golf, entirely digital, no print. They had partnered with Golf Digest (print only) because GD didn't know if this 'Internet thing' was a fad or not. Personally I think our agreement was with some nerdy kid in the mailroom but I digress.
Anyway, we tried to sell companies like Ping Golf on banner ads. These guys were paying $10K - $40K per color page in Golf Digest so maybe $250K an issue and we were asking them to pay us $40K to have all the ads on our web site during the Masters Tournament. It was a hard sell even though at the time we were one of exactly two professional sites covering golf on the Internet.
The challenge wasn't that Ping didn't understand advertising, what they didn't know yet was how effective it would be. They measured everything and without data they didn't know if it was more or less valuable than print. Because of that they were unwilling to spend any money.
As it turned out that campaign was pretty wildly successful for them. Because of it they were way ahead of their competitors in exploiting the Internet for ads. Once they were in, their competitors followed, and that created a market model for costing golf advertising.
So this is the same issue with mobility monetization today. Since there isn't a huge amount of experience out there it is not easy to justify spending a lot on it vs web moneitization which is by now a 'proven' channel. But over time the data will come in and people will then be able to make reasoned choices about what they are willing to pay to be on some potential customer's phone at some given time.
In her presentation, Meeks proposed that mobile monetization should at least equal web monetization and probably exceed it. I've seen other people get there by reasoning about how people use their phone to find nearby places that can service some immediate need like food, car service, gas, Etc. As a contrived, but plausible, example consider a world with multiple Uber type livery services, and a user finds a nearby place on their phone's map application. You can sell the rights to a button that says "Pick me up here and take me there." to a company like Uber very effectively. As an 'advertisement' that is worth probably $1 - $3 a click depending on what the fare is going to be if its taken.
Now is that exactly an ad? I don't know. It is a convenient pairing of service provider offering at a probabilistically determined 'good' time to offer. That any individual doesn't click on the offer is fine, as long as some percentage (even a small percent) do.