The possibilities...

What about them?

There are many...

Really? 

Really!

Tagging

Like jumping through portals, kind of important for the game. erm no.
Looking through portals, erm no.
Solve devious puzzles in tailored environments, erm no.
Traverse a futuristic out of control science lab while trying to figure its purpose, erm no.

So bounce a virtual box around your room, check.

That's a start...

Conventional videogame concepts work in VR because there only the perspective changes. Every game genre is more or less feasible. With AR you're always bound to the environment. Your living room, office space etc. You have those boring unpredictable backgrounds, and as a developer for AR games you'll have to stick to them and incorporate them into the game. 

I'd say there is much potential for board and tabletop gaming. It certainly could lift portable gaming to the next level, with screen sizes way beyond handheld display diagonals. But regarding conventional videogame design - other than crude mini games - rather no.