Global IP just announce a new service called GIPS VideoEngine that allows developers to implement the video chat or video conferencing function within their own iPhone applications.The service provides advanced techniques to handle jitter, packet loss, CPU and bandwidth constraints so it would be possible to video chat even on 3G not only on WiFi.
Of course, lets not forget that none of the iPhones present on the market today features a front camera, and unless a 3rd party external camera is used this service would be pretty much impossible to use. Lets hope that the next gen iPhone will be a “phenomenal, cool, amazing” device with a front camera.