The background is dark, the occlusions are bad, the hardware is large, and the FOV is poor.
Magic Leap really burned a lot of good will imo by sucking up enormous amounts of AR funding having 'demo' marketing that was at best intentionally misleading if not just fraudulent.
I'm still bullish on AR being the next platform when the hardware is ready, but I'd bet on Apple or Oculus pulling that off, I wouldn't go near anything from Magic Leap.
This about sums it up: https://twitter.com/fernandojsg/status/1017411969169555457
It's a little reminiscent of General Magic - something like the AR they want is likely to exist in the future, but I'd surprised if it's from them.
Can you imagine Steve Jobs shipping something at the quality level of that video?