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I have watched the video, and i don't think this is an AR app. For AR APP's you must point your camera to a pattern, and that deploys the 3D animation.
Here there is not pattern, I think this is a combination between geolocation and 3D. In fact, when the camera is turned left or right, new adds show up determined by the orientation(digital compass i guess).
Anyway, is an interisting application.
I wonder what the experience will be for actual consumers/tourists that are trying to find a starbucks in NYC via these apps... is it functional (i.e. does it provide real value for consumers), or just a cool tech toy? I hope it's what it promises, but I'd love to see some real field tests/reviews outta mashable...
"iphone, what's this?"
"Oh, it's a daisy, but it's missing a few petals, and by the wilting of it's leaves it could do with some water."
"iphone, what's that?"
"It is flight NZ304 between Manilla and Auckland, with 321 passengers on board. The plane is a 12-year-old Qantas airbus. The way it's flying indicates there is a strong headwind. It's estimated time of arrival is 3.12pm, which is 30 minutes behind schedule."
"iphone, which of these chocolate bars has the best weight/price ratio? Which one is generally rated the most delicious by people like me?"
Then in a few years... with a small camera bindi on your forehead it could constantly monitor your environment for irregularities and important information. It could tell you if there was a high chance that someone was lying to you, for instance.
When environment recognition starts, that's when the cyborg revolution will begin. Life will start to get pretty freaky.
"Sorry, Dave I can't do that"
http://en.wikipedia.org/wiki/Eyetap
Agent 143 beams you her latest report on BIONIC EYE, an augmented reality IPHONE App that turns your camera lens into a virtual location finder…
Ps. Pete Cashmere, love your updates on twitter!