It's a single camera mounted in the centre. So it can't do stereoscopic 3d and although the resolution is OK, it's not great. Currently you can bring the camera up as a floating window attached to you controller that lets you look out into the real world. It's kind of like looking at the world on a tablet screen in your hand.

I believe they recently have provided access to the camera stream via the API, so we might see developers start integrating it into things, but it's never going to be like AR.