Hey guys/gals, what are your thoughts on a hybrid version of a board game where you have the AR application along with the traditional board game play with cards/tokens/miniatures? 

Basically: Go for it, but it probably isn't where the industry will end up.

I've had many design discussions about it over the years. In tabletop games there is a strong physical component of manipulating all the little pieces, placing them in their spots, throwing the dice, and more. The physical presence is a draw.

However, those small physical tokens are a cost. It takes effort to take everything out of the boxes, construct the play area, set out the pieces, sort through the cards. There are many tabletop games I'd enjoy far more if they didn't require an hour of setup and cleanup. 

From all the discussions the biggest factor of AR would be to have an open playing space with completely virtual tokens. This reduces the setup time down to nothing.  Having the computers do that can reduce the slow parts of the game of counting out individual tokens, hunting for them in the token box, or searching for the corresponding card.  However, it also removes the physical presence and physical manipulation that are a big part of the experience today.

If you can find a good mix between the two then players will rejoice and you'll be swimming in well-deserved money.  However, the industry will probably end up not a mix of the two, but instead being entirely virtual with only a physically-delineated play space on the table, or only with physical dice or similar minimal objects.  Players can still sit together and enjoy their drinks and food while playing, but nothing gets damaged from unwashed hands or spilled drinks.

One place where AR boardgames could thrive is in the party games market.

Werewolf https://www.playwerewolf.co/rules/ actually has a mobile version (Not AR). A lot of the people I know have it on there phones for game nights. It has a huge amount of downloads on the app store. It is simple but one of those things to do when you are with friends, family or just bored of the normal games on board game night.

I bet if your AR boardgame is marketed as a party game, easy and convenient to play anywhere a person hangs out with friends; you could build a decent player base around it.