“The mobile and wireless world is exploding,” said Chip Hazard, a general partner at Flybridge Capital Partners, an early-stage venture capital firm. Apple just soared past a billion downloads, handsets are becoming more powerful and cellular networks and bandwidth is steadily improving, he said.

But from a venture capitalist’s perspective, Mr. Hazard wondered, is there a $100 million mobile application company out there or just lots of hobbyists?

via The $100 Million Mobile App Question – Bits Blog – NYTimes.com.

What it means: there’s no question that money can be made with mobile apps (especially with the iPhone store) but, given their expectations in terms of return on investment, are major VC investments in mobile still too early? Does mobile scale without an offline or online presence? All good questions with no clear answers.