No, replacing what you see instead of adding to it is a much more difficult and tricky problem. I wouldn't expect it in the near future in a consumer application.

To expand: http://blogs.valvesoftware.com/abrash/latency-the-sine-qua-n...

The whole blog has a lot more about AR/VR from an informed technical view, but I recall this being the most relevant post.

Isn't it similar to VR googles which include a forward facing camera feed... All you need to do from there is shrink down the tech.