Who wants to do that? Well, it's great for special purpose environments, like CAD/CAM- areas where there's already a different context to begin with (although it still looks nothing like the movies).
One of the things in "smart reality" is to remove the context switching, or at least minimize it.
While I find Augmented Reality (Computer Mediated Reality) a very interesting area of research, it suffers from many of the same flaws as VR- you need to wear a headset and be dedicated to operating in an altered space from everyone else. It requires a different context, and that's problematic, at least in terms of mass adoption. Much like VR, it would be very useful in special purpose environments- imagine working a supply chain when a single glance at an object in the warehouse tells you everywhere it's been and where it's going?
Augmented Reality is a branch of the overall concepts of Smart Reality. As much as possible, Smart Reality products should convey that information back to the user without requiring any AR equipment. At its core, Smart Reality means that reality gives the user what they want without the user taking explicit action to make that occur.