This would probably be more popular than Ingress if they did it right. And yes, combined
with the "other" AR (augmented vs alternate) it would be revolutionary.
Seriously, what are they waiting for. I'm not a teenager anymore, but If this was a serious app I would totally go catch a few, granted as a joke. And kids would go crazy over this, every single one already has the pokedex( smartphone ), that basically has all required capabilities.