I think AR definitely has a future but it clearly isn't here yet.
Magic Leap has been under a lot of pressure to prove that they are not vapor ware. Which, is why I assume that they chose to launch this now. Unfortunately, their vision and their product are obviously still miles apart and the content is a little underwhelming right now.
Probably the best way to look at this would be as SDK for early adopters. The first version of the product that doesn't require a ton of NDAs to be signed to even be allowed in the same room with it. However, the price point is such that this is clearly not intended to be a mass market product.
For a mass market product the price could actually be fine but then the experience needs to match the price. People spend way more on fancy TVs, high end laptops, gaming hardware, etc. For that to happen there needs to be a supply of compelling content.
The UX for AR is going to have to be substantially different from whatever your current OS does. Overlaying a lot of 2D windows in your peripheral vision doesn't really make a lot of sense. Sure, it's a neat trick but probably not that practical. Similarly a lot of mobile UX is inherently 2D currently and actually optimized for tiny screens manipulated by clumsy fingers. Slapping some AR on that is not going to be very compelling.
With VR this was more straightforward since there were a lot of 3D games that with a little work can be awesome in VR. So far gaming is the killer use case for VR. People spend money on the latest VR kit so they can play all the awesome games that are out there and immerse themselves.
On the AR front the most popular thing so far has been pokemon go and a range of me too style clones of that. That was only possible because of a critical mass of cheap, camera equipped mobile phones. With AR we need new content specifically made for AR. Most VR content does not port over well to AR since the whole point of that content is full immersion and the whole point of AR is not replacing reality but enhancing it.
Clearly magic leaps strategy for this is to have their own OS, app store, devices, and platform. This sounds like a risky strategy since clearly all their marketing is about the qualities of the device and how cool the technology powering that is. It's significant how they are not talking about the rest of the ecosystem.
From what I've heard via a friend of a friend on the hololens team, MS is putting a lot of resources into building out that with a lot of cool R&D in the pipeline. MS of course has a long history of cool R&D projects that ultimately never turned into products but this looks like they are pretty serious about it.