Augmented ID is an augmented reality concept - yes, only a concept - but The Astonishing Tribe, a Swedish software and design company, is working on it. They have completed a good video, though. A bit further down, take a look at a working beta of an iPhone app that will let you do social network tagging of reality with your phone.
(TAT augmented reality video)
However, since this is only a concept, good journalists should also cover some of the other, preceding, efforts at conceptualizing this idea.
For example, in the 1984 movie Terminator, the invincible Governator has all kinds of additional information placed on his visual field.
I believe that the Dreamtime scleral contact lenses from Niven's and Barne's 1992 book The California Voodoo Game also contained a pretty good visualization of this idea.
More recently, Charles Stross' Halting State made it an essential part of the novel. Take a look at his overlay specs, even if you can't look through them yet.
To see an actual, working version of something like this, check out Nearest Tube, an iPhone app that lets you find subway entrances in London.
Tokyo-based smartphone app developers Tonchidot recently revealed a beta, or test, AR application for the iPhone called Sekai Camera (World Camera).