A similar technology is already available but it requires several Laser-projectors. I've seen a demonstration of a device like that a few months ago but it was in a very dark room. So I do not believe you can just place that technology in a phone and just use it, at least not until it's night. Also the power drain for those projectors is huge and it requires them to be apart and face each other at certain angles, the more the better.
More likely however is projecting a flat image. This technology is similar to a standard home projector that displays an image on the wall. In this case however they can make use of low powered LED and project on a surface near the device itself. For example imagine Kirk's old communicator. The top that flips up could be the surface that displays the image and now imagine that thing were transparent and hey it looks like you are projecting something into the air. Because of the small distance between LED projector and the panel, power requirements should be fine but it may not work in a bright environment.
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