best strategy for developing browser/mobile web pages

best strategy for developing browser/mobile web pages

Just looking for some real world experience.  What is the best strategy for developing web pages that you want to be available both in the browser and on mobile?  I am developing simple web applications using a web framework.  What do people do?  Do you just prepare one set of pages and hide particular parts if the target is a mobile device?  Or do you develop a parellel set of pages: one for browser and one for mobile?

Thanks for your answers as wall as pros and cons.

William