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SaintMichael
looking into 1st mobile app for salesforce
With the mobile SDK, do I have to, essentially, rebuild my app as a mobile version?
Can I leverage the existing visualforce pages and controller?
The devil is in the details, but at a high level, no you do not have to rewrite everything. You should look at developing a hybrid app:
http://wiki.developerforce.com/page/Developing_Hybrid_Apps_with_the_Salesforce_Mobile_SDK