Speaking of which, I have the mattel view-master headset that I use with an iphone 6. If you use the default mattel app, the device looks through the camera, and when it sees the disc that comes along it (this one: http://www8.pcmag.com/media/images/488976-mattel-view-master... ) -- it renders a rocket spinning on top of it. So even the cheap headsets allow a VR... but of course, the lag and stuff kind of bring it down and make it very headache-inducing.
Of course the best AR experience is one where reality is not see through a re-render picture of stuff captured from camera, but simple you seeing the stuff around you through a glass because nothing beats reality.