Absolutely your 100% correct, although most people don't see it in that manor and just want a theme which works well with mobiles regardless of whether it has a full feature set.

In my opinion spending a couple of weeks developing a solution which is "right" isnt what most people are looking for if they are choosing to stick with VB4 unless its specifically needed or they have the budget to float around , the quick HTML/CSS and template edit solution i have done is still more feature rich and equally as quick than vbulletin's mobile theme or any solution for VB4 , maybe with the exception of Tapatalk but thats not everyones cup of tea.

Lets be honest if we wanted to do it properly rather than spend time and money on it id just move the site to xenforo instead.