Of course it is. There is no Google type search engine out there. Google is not good for mobile search for it is good for browsing not for searching while on-the-go.
I think there is a big need for a mobile search engine. Google and Yahoo are trying to be everything to everyone and this is frustrating to people and businesses I have talked to. If you search for "city" weather using yahoo on your mobile phone you will first get the info that yahoo wants to provide with their own content, then you get web results which the majority don't work for a mobile phone or look like crap. If you aren't frustrated and leave by that point you get list a mobile results and some of them don't work on all mobile phones either.
So....yes, I would say there is a huge need for a mobile search engine. Find.mobi is decent but still doesn't provide only mobile results from my research.
I'm just sounding out the idea at the moment. However I do have some resources and experience that boing.mobi and others do not have. I've built a country level search engine before and solved a lot of the geolocation issues that still cause problems for Google/Yahoo/Microsoft (GYM). It is good to be aware of other potential players and I'd probably would not have found out about boing.mobi until I'd been half-way through building the SE. It seems to be searching only 1583 documents.
So basically, an exclusively mobile web content SE that serves pages in mobile device/mobi format with good geolocation is needed. That's what I wanted to know. I had a design for a mobile web searchengine outlined in 2004 but the domain statistics stuff took over and I had to concentrate on that rather than developing the SE.