Remember that even the first serious cinematographers, like Lumiere brothers considered cinema just a "toy" with no practical applications.
From my perspective AR applications in the future will be huge in all areas as it means a new way to interface with 3d editing on real time.
But having said that, I do not believe Magic Leap will be the one who bring this to the table. I see magic Leap as the Altavista or pets.com of the Internet, burning investor money like crazy and trowing things to the wall expecting something to stick.