Microsoft has signed a licensing agreement with GeoVector corporation which 'gives Microsoft rights to use concepts covered by GeoVector’s patents.' GeoVector Corp held the actual 'Augemented Reality' patent and the license will help Microsoft to expand the spatial, pointing-based and Augmented Reality capabilities of Windows Phone (and make you sci-fi dreams come true, just kidding). Its a non-exclusive deal, but unlike other platforms the integration will likely be by Microsoft itself and not 3rd party solutions.
Mango isn't even out for everyone and we can already start making out wishlist of features for Windows Phone 8.
[Source]
