The mythical AR glasses of the future should be able to do everything your proposed projection table setup can. I see both setups as just two different manifestations of AR as a concept.
In an ideal AR setting, everyone with a display will see everything everyone else sees. So the exact concept of Dynamicland would be completely reproducible in AR.
And you get the advantage of having optional private workspaces on top of that.
Are you thinking of VR? AR merges the virtual environment with the physical one. One fun example was that I played a Finnish board game sort of like Pictionary with a Finnish friend. All the cards were in Finnish which I don't know, but I could use my phone's AR translation app to "read" the cards in effectively real time.
AR glasses could hypothetically share a networked virtual environment, so I don't see why they couldn't be collaborative.
Regular glasses also "cover your eyes", you are aware that AR uses transparent lenses right? They augment the world around you, they don't take away from it.
The medium is limited but interesting.
Perhaps this would be more portable if there is a projector underneath a table with a transparent glass top and a camera on top to view inputs.
Potential Applications
1. Mapping (Interactive maps, interactive routing, real-time weather, etc) 2. Collaborative art 3. Engineering CAD and CAM modeling and design.