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
I would recommend you to start by looking at the features already implemented in the OpenCV library, which include SURF, MSER and others:
http://opencv.willowgarage.com/documentation/cpp/feature_detection.html
This might be enough for your application and are faster than SIFT. And as mentioned above, SIFT is patented.
Also, start by making performance tests in your mobile platform, just by extracting the features at every frame, this way you'll have an idea which ones can run real-time or not.