I think that there's a presumption (that I've shared) that Magic Leap is trying to make AR goggles or glasses. But, as has been extensively commented upon in the past, that's just crazy. We're just barely at the point of doing semi-decent VR (Oculus Rift) and just barely at the point of doing semi-decent wearable heads-up displays (Google Glass). The idea that Magic Leap could in any foreseeable timeframe create a device that has all the virtues of the Rift + Glass + A huge dose of additional technology on top of both is just laughable.
But if they're trying for something much heavier-weight, like the ability to create convincing illusions not in the form-factor of "some goggles," but rather, "a specially prepared room and table," then that's maybe a little more realistic -- and of course less obviously revolutionary.