Looks awesome -- I am suprised this is able to render on a phone but I guess they are getting powerful.
However, I would say this is not anything 'game-changing' or really that new. This looks a lot like basic Hololens's features, so I wouldn't be surprised if this is a feature that could be cloned easily by FaceBook in a couple of months. To be honest, I feel like Microsoft is truly the pack leader in terms of AR but the Hololens's are so expensive I can't see them becoming a market leader