Agreed on the interesting bit, and about how prototypes (and even early consumer models) tend to look clunkier than the products that eventually permeate the market. I can also see such technology having many applications.

Will it be used for reading? Doubtful. Reading involves immersion in a book, not immersion in some sort of hybrid of virtual reality and physical reality. I would think that the conflicting inputs from those two worlds would be more of a detriment than a benefit. It will be useful for augmented reality: situations where you want to add stuff to the real world for entertainment or practical purposes.