The answer is probably not. In my opinion we are seeing AR evolving into a cool feature for location based services, much like rounded corners was the cool thing to have if you were a web 2.0 application. Yes, in some applications, like Layar and Wikitude, augmented reality is currently a major feature, but in the long run its the location-oriented content they should focus on, not on how to present it.
Having augmented reality as just another cool feature is not a bad thing. It can actually be the thing that saves it from following the same path that virtual reality went by. Obviously, the hardware today is not good enough for terminator-vision grade of AR. However, having augmented reality play a low-key role for now may keep it around till we'll have the right hardware.
Or maybe I'm just reading too much into a Youtube video. Oh, that reminds me - the application is called WorkSnug, and you can find more about it here.