We've seen plenty of augmented reality where you put on some digitally-enabled glasses or point your camera phone on something and visuals are overlaid on reality. The augmentation is typically a layer on top.
Eidos is a student project that tries taking this in a different direction. One piece applies an effect similar to long-exposure photography, and the other sends audio to your inner ear to focus on a subject and drown out ambient noise. See the devices in action in the video below.