Selected answers from the Dumb SEO Questions Facebook & G+ community.
Ammon Johns: `Better` is a rather vague term, since sometimes cheaper is better, and sometimes more advanced (which costs more) is better, etc. On that alone, Alan pretty much nailed it. No one solution is `better` in every case, or every regard.
Where performance is the primary criteria, to the extent that the client is prepared to spend more in both time and cash to get it, I still recommend a dedicated mobile site. This and a dedicated app are still the only way of providing an experience that is absolutely and fundamentally built to give a great experience on mobile without having to compromise.