When I create a mobile version of a website my primary goal is to help usability which boost profits. I do not create a mobile version just to gain mobile SEO advantage. Actually the sites I have made more mobile friendly have become less dependent on SEO since the amount of direct traffic from mobile users greatly increases.
If you are going to create a mobile version you should pay attention to your content. Be aware about possible duplicate content issues. Also make sure your mobile version does not suppress the helpful unique content of your pages when you slim down the pages for mobile users.