If AR gets any sort of popularity, even just among early adopters, I guarantee you that there will be several competing tools for doing what you describe, with more coming out every month.
It already has a sort of popularity. There are already startups working in the field.
If you want to keep abreast of the field keep an eye on Bruce Sterling's Blog.
I would like to propose this as a thread for people to write in their predictions for the next year and the next decade, when practical with probabilities attached. I'll probably make some in the comments.