It will be a long way before markers are obsolete. My guess is about 5 years.
But even with the current limitations, it does feel like the next evolution of AR -- one you can just start using with no setup. Printing a marker is not something a casual person, just interested in checking out a new app, would do (assuming they have access to a printer, or a second device, in the first place). I think that it's a different ball game, and agree with OP that it's the main point of the new generation.
That's not to say anything negative about this project specifically -- it's awesome, and really cool to see something like this perform well on the web in general, and mobile web in particular.
Because the toy AR displays on a small 2D screen, there's a number of shortcuts that can go mostly unnoticed.