I'm sure someone asked a similar question about personal computers in the early 80's. They didn't go away when smartphones became prevalent, they became computational work-horses and in the same way an AR system will never be able to pack the computing punch and battery life of a smartphone.
But similar to how a smart-phone complements a PC, AR tech will simplify how we interact with specific parts of the world around us like navigation, notifications, and merge with existing tech like wireless earphones with noise cancellation and conversation/audio-enhancement to provide minimum necessary utility.
More features will bleed down the chain from PC to phone to AR, but with size comes certain advantages and disadvantages, and a large object can always hold more juice and computational power.
I think the biggest disruption will come from global low latency wireless internet - suddenly computational power can be uncoupled from the device and AR would be able to offload the power-hungry CPU/GPU's and large batteries needed for fluid and powerful interaction. But I'm not sure Elon Musk's satellite internet project will be that disruptor - so it might be another long wait until that next big thing happens.