AR is the Nintendo 3DS's holy crap moment. Ditto for the PS Vita. Sony is offering a new spin on AR with markerless AR play.
It's impressive to see in action, and certainly something to show the friends if you want to wow them with your new hardware. Here, Sony shows off upcoming PS Vita title Reality Fighters.
The AR photo mode that allows viewing and picture taking in 360 degrees is not a PS Vita first (there are iTunes apps that can do similar things). That doesn't stop it from being cool.
Check out the PS Vita's AR function in action in the above videos.