One could certainly see Azure as a big beneficiary here. Skepticism is always applicable but it seems like Microsoft has the resources to pull this off. From the point of view of Augmented Reality layers being an important and large business in the future, getting something running at large scale now would be a good idea. Between Magic Leap and Microsoft, I would put my money on Microsoft.

The big wildcard, as others have pointed out, are a bunch of penises everywhere. Very hard to actively moderate.