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I agree that it won't have any higher energy density than batteries. The difference is that when batteries are dead, you need to charge them for hours, wheras when you run out of hydrogen, you refill the tank in 2 minutes.
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Hmmm... I think that if oil prices raise either because of supply and demand or carbon taxes or both, then people will buy fuel efficent hybrids and plug in hybrids and people will use liquid fuel from current service station infrastructure when they need a quick top up. If the demand is low enough than conceivably this liquid fuel could be ethanol and other CO2 neutral biofuels. I don't see hydrogen taking off because of the current lack of fueling infrastructure. Governments could act to overcome this, but my guess is it would be more efficent just to tax carbon and let the market sort it out.