I personally think AR as more applications and potential than VR. The easiest place to see the importance of AR i not the real life, it's the video games. Many of the features described looks a lot like real life video game HUD. The reason games have those HUDs is to make things more efficient and keep things less boring than real life.

Graffiti can be used for guided tours and tutorials. It can be used to read information/flavor text on various items/products. Graffiti can be used to locate people in a crowded area. Even sharing content can take a whole new form. Great Hunt!