I think it's like with VR, but a magnitude more expensive right now.

Hololens is the Vive/Rift of AR and Vuzix Blade is the Focus/Quest of AR.

No end user will buy a Hololens if it looks like that and costs thousands.

But something like google glass in good looking, with more power and good voice control could really replace Smartphone in the future.

Still the Hololens will sell to enterprise customers and AR play-rooms where you can use them for a small fee for an hour (like we have VR rooms right now).

So I don't expect much more from new Hololens generations than evolutionary improvements.