I think it looking more appealing is the key. Sure you can fit less, but if people don't want to use it, it doesn't really matter does it? People are usually more willing to make subconscious tradeoffs when it looks, feels, and works awesomely.
I understand all your points. But that is why I like to see some mobile specific Case Studies, just to help and give some basic rules of thumbs. Otherwise all you have is opinions.
At the end you obviously have to test your different designs / approaches. But some basic and well tested rules would help to start up the design a lot.
