One of the (many) reasons augmented reality apps haven't caught on is because they usually require markers or special objects for their tracking software to work. Unlike this Obvious Engine system, which can easily track anything in a scene.
The results are, admittedly, pretty impressive. This quick demo shows a Dr Pepper can being bulged and warped in real time, without also distorting the area around the can. So the software is obviously very adept at isolating the object from the rest of the scene. It also shows the can being augmented with glowing rings, and creepy little creatures dancing around it, possibly worshipping its syrupy goodness.
Now obviously the bright table and well-lit room look like the optimal real-world conditions for the Obvious Engine to do its thing, but maybe the technology behind it is what augmented reality needs to finally become more than just a fad or mildly entertaining tech demo? [Obvious Engine via The Verge]