Does such a thing currently exist? Are there any groups, people or person developing a "localethereum" or "localethers" that works similarly to "localbitcoins"?
I found recently this. That is even better than LocalBitcoins as (1) escrow implemented using multisig and (2) is cheaper: 0.2% instead of 1%. But I know nothing about trustworthy of this service. Also I've not manage to test it out.
Does anyone even know of a good mobile wallet? (I'm fairly certain the answer is no unless you're talking about a web wallet, which does not make sense to trust.) I think SPV/light client stuff just started working a little while ago. It's all coming, it will just take time.
(I guess you could always do a localbitcoins-type thing with a laptop, but a mobile phone makes it so much easier.)
You can check out https://localethereum.com/
Localethereum is a private peer-to-peer marketplace which allows you to trade ether for local currencies. Exchanges can be made via different methods such as online bank transfers and face-to-face cash trades.
You can check out the decentralized "localbitcoins" of ethereum - using Ethereum as a platform: Dether https://dether.io/