Paul Boag, a popular speaker in the web design industry, recently wrote an article for Smashing Magazine about the practicality of developing native mobile applications for clients when many don't actually need them.
A quick primer: there are two different kinds of mobile applications...
Unfortunately, Paul Boag forgot a major component of why we create websites, software, and mobile applications. To make a company look good!
There should definitely be an inherent value derived from using an application (it should be a tool for the user, not a pure marketing stunt), but as with anything a company decides to do, this leap should make the brand look as solid as possible.
When you choose to create a hybrid mobile app, it often times looks cheaper and more flimsy than does a native app (even though it usually makes more technological sense) -- This does not make your company look good.
Part of what you pay for when you create native applications is the ability to tell customers and leads, "Hey! We have an iPhone app that lets you do x, y, and z on the go - Anywhere, anytime!"
Being able to say "iPhone app" or "Android app" instead of "mobile app at m.mycompany.com" is, many times, well worth the extra cost. Quality and branding need to take precedence over cost. A $40 pair of shoes lasts for 1 year, a $100 pair of shoes lasts for 5 years... Which one is the better deal?
Just like everything in life, you can always get a cheaper version of something... But are you selling yourself short in the long run?