The applications for travel and tourism are obvious. You no longer have to blindly wander around a strange city wondering what you're looking at. Just point your phone at the monuments and buildings you see, and poof! There's all the historical information (and possibly even dates, times, and ticket prices) that you'd need. Analog and digital reality combined.
Of course, the marketing applications for this are just as big. Systems like these (and I'm betting that they're going to be ubiquitous in new phones within a year or two) would allow marketers to place virtual "billboards" or information displays anywhere they want.
Point your phone at a restaurant to get the times when it's open, a menu, and (with the touch of your finger on the display) make a reservation. Point your phone at a movie theater to get show times and buy your tickets with a tap of your finger. Look at a retail store and get a list of items on sale and even special "augmented-reality user only" coupons.
