I definitely like the concept of it, as I think augmented reality stuff is even cooler than virtual reality. Problem is that I think you're limiting the potential by replicating a game that is played on a 2D plain. As others pointed out, so you have the classic warp pipes but what's the point when you just walk around them anyway? I think it would be cool to integrate concepts from 3D platformers with an emphasis on collecting items like in Banjo-Kazooie. Collecting items through augmented reality would be a cool way of getting some exercise in while still playing a video game.
Imagine an augmented reality version of Pokemon Go, it would probably sell like crazy. But then again with everyone walking around with VR headsets the world would also seem like its gone crazy.