This is augmented reality, not virtual reality. It isn't The Matrix, it's more like an advanced Pokemon Go. Which is still pretty cool!
Some of the useful (or potentially dangerous) applications of augmented reality that I expect we'll see in the coming years:
- Real-time monitoring of your "stats", like a life dashboard that displays your vital health signs and your daily schedule in your field of vision, if you want them to.
- Facial recognition and people's names appearing above their heads so that you can remember who they are. (This could also be very unsettling and creepy.)
- Your house is messy? Your partner is ugly? Instead of fixing the underlying issue, just make them look better in augmented reality.
- On the more positive side: I think augmented reality will be extremely useful in hands-on education and training simulations, such as learning how to drive, surgery, cooking, plumbing, etc. Imagine having your overlay show you exactly what you need to do, step by step, in real time.
As long as you can turn it off, I think it's mostly a beneficial technology. The nightmare scenario would be the neon scene from Altered Carbon where you can't tell what is real and what is digital. I'm fairly impressed with Oculus's demo, and how far AR technology has come since the last time I checked in on it.