Less content isn't always good. (See? I'm reasonable.) The key, of course, is getting rid of ALL of the crap that doesn't serve you or your customers, but not a pixel more. Strategically determine what is useful, and make that easy to get to.
It sounds so simple, doesn't it? Yet enough people are getting it wrong that xkcd is calling them on it.
Original at http://xkcd.com/1174/.
The people using your mobile site need all of the same things the people using your full site need. (Or, perhaps more accurately, the people using your full site don't need or want all of that extra crap that you're throwing in their face.) People checking out a restaurant want hours, directions, menu, and reviews, probably in that order, regardless of whether they're on a phone or tablet or sitting at their desk looking at dual 25" monitors.
Looking for more? Luke Wroblewski's book, Mobile First, from A Book Apart, is a great starting point.