This term is likely to become much more common in the near future. A topic of discussion this weekend and the subject of this article, augmented reality represents the additions that today's mobile technology can make to our experience of the real world.
One thing that's not mentioned in the article is the risk for a Big Brother-style (a la 1984, not a la current reality tv) misuse of the information that is created and made available when everyone carries a phone, or similar item, that can track exactly where the holder is. Instead, it appears that the greatest risk to the user is that our knowledge of "facts" will decrease as our need to know the information drops. I'm not sure that I agree with that. Of course you don't need to get an iPhone and load all the new augmented reality apps to risk that becoming a reality. The future is here today with the government's requirement for improved 911 service for mobile users. By early next year, you will be able to be tracked-down to at least a 300m radius by emergency services providers. :)