You have to hold a smartphone. The great thing about TV is that it is on in the background and you can do other things while you (don't) watch it. Picture a cooking show while you cook or cspan while you work on your hobby or some TV show you kind of care enough about to talk over with your friends but don't care enough about to devote all of your attention to...

Right. Say I prop my iPhone up against my rolling pin and put on Orange is the New Black, though - is that not the same effect? I don't think people will pay boucoup bucks to project a picture-in-picture display over their face.

I'd want it if I could "pin" the the video to a physical space on demand, allowing me to move the video around a room and control its dimensions. Especially if it could stream the content of the videos from a beefy home pc. That would allow me to get rid of all the screens around my apartment with digital version while controlling all of them from the same source.

VR is a different beast and much less comfortable than I envision the (medium to long term) future of AR to look like. I don't love watching movies/TV in VR right now, if only because I find the headset makes my head overheat.