m.reddit is a beta web app for Reddit in that it uses client side lifting to display the page on the users devices.
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Pro Meant to mirror all features of Reddit on a mobile device
The creation of m.reddit.com is meant as a way to ensure 1:1 functionality of the main site to mobile so mobile users whom do not want to use or want to pay for an app can use the site in full.
Pro Can show inline videos and images
The list view shows embedded images and videos right within the feed.
Con In beta
m.reddit is still in beta so there may be missing features or broken aspects to the mobile web app.