Wap is great
For a while people though that wap was finished, that the combination of Java/Brew apps and built-in handset features would be so much better that wap would die. I disagree.
The key here is reach. It is simply too hard to build a java app that works on all phones and networks. And when you do reach some phones, the commitment of buying and downloading an app is too much for most users. A well-built wap service works for everyone everywhere.
Java/brew and native apps work well for a few things, specifically games, email, and IM. Graphical games need the versatility and responsiveness of a compiled application. Email and IM are ideally running all the time (at least for heavy users) so wap won't work. If you are a global portal with a huge userbase it might be a good idea to make email and IM apps. If you are anyone else, why waste time competing with the behemoths?
Wap has a lot of untapped potential. Wap search is just beginning to work, but there currently isn't much to find. All the little companies out there need to start building wap services. It isn't hard, and the potential user base is larger than that of the PC-based web. Are people getting this?
The phone will be/already is the primary way to access the internet. The wap browser is the most efficient place to get started.