My choice to go with Phonegap really comes down to the capabilities I want the app to have. If I only really need a wrapper that gives access to a camera (hell, GPS even works out of a browser), then an app like Phonegap is more than enough. And I have no doubt that in the near future, phones will be able to handily run HTML5 and CSS3.

Really, I think the argument comes down to what do you want your end product to be, rather than what do you want to have to deal with as you're making it.