There tend to be two schools of thought regarding mobile content. One line of reasoning is that mobile should offer less, because screen sizes are tiny. The other (the argument I advance in my book) is that mobile should provide content parity, because user tasks and goals don’t vary by screen size.
If you feel that you need to “rethink” your content for mobile devices, you need to rethink it for ALL users. If your content isn’t worthy of being on mobile, then get rid of it for everyone. You should strive to present a consistent experience for your users, whatever platform or screen size or device they’re using. If you opt to do something totally different for mobile, you’re forking your content and dooming yourself to maintenance and governance nightmares. Not a good content strategy.
Also, it’s a myth that phones always provide a third-rate reading experience. I cite data from Readability that shows people were MORE engaged on their phones than on iPad or desktop.