Business Week has a fascinating article on the growing battle between Apple and Google in the smartphone space, which is as good a guide as we’ve seen into why both companies are doing what they’re doing this year and beyond. Mobile advertising is one of the key battlegrounds, with Google buying AdMob and Apple buying Quattro Wireless. “Jobs and his lieutenants have discussed ways to overhaul mobile advertising in the same way they had revolutionized music players and phones,” claims the article. Meanwhile, it also suggests that Google boss Eric Schmidt “believes mobile ads will one day be more important than PC advertising, largely because of personalization and localization”. The same piece reports that Apple has quietly hired its first mergers & acquisitions specialist, whose first job was to push through Apple’s Lala deal without it being hijacked by Google.