I'm excited for AR displays, but I think having the phone will still be helpful for some time. Offloading processing and communication to the cloud to another device will allow AR displays to be as light and unobtrusive as possible.

What I'm really waiting for is for my phone to completely replace all of my other computing devices. Convergence/Continuum/DEX haven't yet delivered on this promise. Good AR displays may finally solve some of the problems in this area.