> live-feed-augmented VR is really just an extension of AR
Two things you can get from live-feed-aug'd VR that you can't get with current thru-glass AR solutions (maybe hololens is different?):
1. The "color" black (and true opaque objects)
2. Wide field-of-view (FOV)
The first is a physic limitation of thru-glass AR implementations; it's not likely to be different any time soon. The second I would expect to over time be improved.
The downside of a live-feed-aug'd VR system is resolution - the resolution of everything is not high enough to be what people want. While I doubt the resolution of an AR system is any better, because the FOV is smaller, and a thru-glass view system is used instead of a live feed, it becomes much less of an issue.