I think looking at who is relevant in the AR/VR space currently is like asking who was relevant "pocket computer" market back in the mid-90s.

There are some products in the market, some people use them, but functionality is limited, and there isn't a killer app or use case yet.

Many people are saying resolution, or other tech is what is holding AR/VR back, and that may be partially true, but PalmPilot unlocked the early handheld computer market by restricting use to what was possible at the time, and having a few killer features for a small subset of users.

Blackberry then extended on that, and we thought that was the market. Decent quality email on the go was such a huge draw they owned the market.

Microsoft was making some inroads with PocketPC, but Crackberry really owned the market, and thought they'd own it forever.

Then came iPhone and Android, fullscreen devices, touch keyboards, real internet on the go. It wasn't even the apps at first, but the ability to use the web, and not a half-assed version.

So, is MagicLeap irrelevant? I think they probably are, not because of technology or hype, but because they didn't find the killer app that will make the market valuable.