The intiative itself appears interesting and has enough momentum to work now that Nokia, Mastercard, Vodafone et al are on board - it's basically just rolling out an internationalized version of the system DoCoMo have been using for some time in Japan - but more interesting is what the operators will do when they hear a lot of people are calling them banks. I bet they'd love to do all sorts of banking related things, but I also bet they really really don't want the banking regulations that come with them. Sticking to payments sounds much more sensible.
There was a lot of discussion about this back when Vodafone launched mPay and other similar initiatives came out, and I seem to remember the consensus opinion was they'd do anything to avoid becoming banks in the regulatory sense of the word, but typically I can't find any of those articles now. Such is life.
(look here if you're confused about the title)