Layar's Reality Browser takes a locational, not-strictly-visual approach to augmented reality. Launch the browser, and it combines data from your smartphone's camera, compass, and GPS to find points of interest around you. As the company name suggests, each view can have one or more layers of data (both free and paid), based on location. For instance, you can navigate your way around Disneyland or Walt Disney World, find out where famous record-album cover photos were taken — even determine if you're in a high-crime area.
Version 3.5 of the Reality Browser is out now for the Android platform, with an update to the iPhone flavor pending. The app itself is free on both platforms.