GAE have announced a release date The Magic Pencil. They plan to have it out in Japan on August 11th. Along with the release date, they also touched upon the game’s augmented reality features.
After clearing the main game, GAE say you’ll unlock AR codes via a drawing minigame. These codes can then be placed onto a card or piece of paper to serve as an AR card (it sounds like you might have to create this yourself), and you’ll be able to see characters pop out with a bunch of different expressions. AR characters will interact with each other as well.
The Magic Pencil has an interesting hook. You can draw objects on the screen which appear in the game, but unlike Scribblenauts, there aren’t a seemingly infinite number of items you can draw. Instead, The Magic Pencil has a story that relies on you drawing different objects and enlarging its game world. This is how you meet new characters and move the story along. You can read more about it here.