While there is a little compelling reason to surf the web on the typical WAP phone, I believe there are certain types of commerce that will do very well with this model. Travel is an example that comes to mind. If a traveller can make reservations on a train or plane directly from his phone without human interaction, its clearly a win for the traveller and for the travel provider. Because of the model, I'd expect brand recognition to be critical. Further, I think you'll see the wireless providers to essentially become the portal for this type of business.
People really do want instantaneous access to information and commerce.
The merchants who jump in first, even if they make some mistakes, will be ahead of the game.