Impressive from a technological aspect, but I don't envision it being much in the way of fun...
Are you kidding? Put it in a pair of goggles and I'll never take them off!
You could have a troll's head permanently superimposed on your boss, or virtual naked women lapdancing on your office desk.
Realtime photoshopping of reality will lose it's novelty after a while.
The idea of laserquest type stuff is cool, but it will need to advance loads more for that, as there will need to be a central processing of each player's augmented reality to register shots and stuff.
I mean the current incarnation on a small screen will never match an immersive game on a 24"+ monitor.