Wikipedia defines Augmented Reality as "a live direct or indirect view of a physical real-world environment whose elements are augmented by virtual computer-generated sensory input such as sound or graphics." I define it as today's Innovation of the Day.
Seeing as we're all going to soon be seeing reality through two-way iPhone cameras, this type of technology is probably at least part of the future of advertising, so you might as well get hip now as we and our gadgets co-evolve towards the Kurzweil singularity.
Singularity University -- Post-Human 101
The Future of Technology to 2050