Augmented Reality (AR) and Mixed Reality (MR) share many characteristics with Virtual Reality (VR), massively multiplayer online games (MMOGs), and mobile technologies like cell phones and smart watches. However, AR and MR are unique in their power to not only bridge real and digital worlds, but to also combine and intertwine them. First emerging in the form of dedicated, highly specialized devices like Google Glass and Microsoft HoloLens, AR and MR are starting to see mass-market availability to both developers and consumers in the form of mobile software packages like Apple’s ARKit and Google’s ARCore, built right into existing mobile phones. Early applications like the wildly popular Pokémon GO barely begin to scratch the surface of the potential for AR and MR to transform the way we live. With AR and MR, virtual objects can be perceived and manipulated alongside real-world objects; the physical presence of single, tangible, real-world entities can be convincingly simulated in innumerable arbitrary locations; parallel, proprietary virtual worlds and communities can be layered on top of the physical world; and much more. With AR and MR, the boundary between “real” and “virtual” is blurred, giving rise to new and important ethical questions concerning issues of human memory and identity formation. By way of introduction, we will use Apple’s ARKit and recent hardware releases to briefly characterize the state-of-the-art in mass-market AR and MR. We will also outline several possible monetization schemes, including advertising- and subscription-based models, along with future technology and application directions. With that groundwork, we then delve into ethical considerations of possible effects (both accidental and intentional) of AR and MR on human memory and identity, including things like deception, subjective uncertainty about the past, implantation of personal preferences, and formation of personal and community identity.