As briefly explained in this article, augmented reality uses the iPhone's GPS, camera and digital compass to overlay real-time data onto live video. TAT, a Swedish software technology and design company are working on a concept called Augmented ID. It allows to visualize the digital identities of people you meet in real life. With the iPhone and face recognition software it enables you to discover selected information from people around you. 

Every user controls his won augmented appearance by selecting the content and the social networks he or she wants to share with others.

Here a presentation video of Augmented ID:

I must admit that I am very excited about what augmented reality will bring to us in the future, because there are simply unlimited possibilities and applications possible with this new technology.