Computerworld says "LESS!"

by Danielle Cooley
In a mobile application, it is better to cleanly provide the 20 most important pieces of information than force people to navigate through 100 that they might never use.

LOVE the start to this article! Though, naturally, I would go even further and suggest those other 80 items may not just be irrelevant for mobile. Most are probably not really relevant at all, or at least don't provide enough benefit to justify the cost of producing and maintaining them. 

The rest of the article is interesting in its own right, though it's not really about reducing content. Enjoy!