If it were not for the price i'm sure everyone would be using this product. Snapchat is specifically made for people to just share random experiences with one another. I would think of this tech as a more streamlined go pro however the cons are that they are no where near as robust. This is definitely a stepping stone to the "tech glass" since it was geared more to the younger crowd. With the new filters technology, I think that they could re invent thsi product into something that isn't just shooting video, we already have that. What makes snapchat special is that there are so many cool, little things that you use to modify your videos/pictures. The sunglasses also need to just be glasses. It could save so much in production.
In terms of AR, it doesn't have any features that augment reality in real time like the google glass. The sunglass part serves only the purpose of being sunglasses.