I\'ve come across MANY AR libraries/SDKs/APIs, all of them are marker-based, until I found this video, from the description and the comments, it looks like he\'s using SIFT
If I where you, I'd look into how (and why) the SIFT feature works (as was said, its wikipedia-page offers a good cochise explanation, and for more details check the science paper (which is linked to at wikipedia)), and then build your own variant that suits your taste; i.e. has the optimal balance between performance and cpu-load, needed for your application.
For instance, I think Gaussian smoothing might be replaced by some faster way of smoothing.
Also, when you build your own variant, you don't have anything to do with patents (there already are lots of variants, like GLOH).