How the folks @ Google present it...Project Glass: One day...
How I imagine that the 3g/4g network providers see it..ADmented Reality - Google Glasses Remixed with Google Ads
I think the AR project that Google is trying to do is very interesting. (Mostly from a geek point of view) but I'm doubtful that the vision the first video has show will actually happen for a variety of reasons.
1. The simple fact of standardization. If they had been able to keep teeth in the Open Handset Alliance I'd be more optimistic about their chances of a standardized format being implemented. Problem was to overcome the iOS smartphone, Google had to bend on some of the (in my opinon) issues that they entered into the smartphone community with in 2007 or so with the introduction of the Android OS.
2. Bloatware. Tied closely to the first issue, anyone who has been a smartphone user has seen this to some degree. There is a TON of it out there, depending on the platform. For example the lock in of Bing as the default search on some Verizon smartphones for some time. And other providers are just as bad.
3. Legal. Right off the bat, I can see one problem with the 'on the fly' recording/camera function. It's illegal in at least a few states to record cops in the commision of their duties, and the ability to 'spy/stalk' a person will be used as a issue to curtail it's features, and once a few of them are crippled it won't be as useful.
4. Interface. I'm naturally leery of a 'voice recognition' system that works. Working with as a diversified group of people as I have.. I just don't see this coming to work as good as the video shows. I mean.. I've worked with folks from the Philipines, which is a lesson in language recognition in and of itself, and a dozen or so guys from the southern Louisiana region that would blow your gasket. Not to mention my own bizarre drawl which is the result of growing up in the Carolinas, Ireland and Georgia.
I think it's an interesting project, but I don't see an effective model coming out of this in less than 3 to 5 years.
Additionally I know that at least some insurance companies in the US have consistently lobbied AGAINST any sort of 'Heads Up' display or AR dispaly in cars. They won't like this idea either.