This is a demonstration of the Sprint HTC EVO 4G doing real-deal 2-way video calls using the exclusive Qik app. Lag is low and the video chat can use either the front-facing or rear-facing camera to do the video chat.
Working Qik video chat to Skype?? Fring under Skype is a mobile app that supports text chat, voice, and video calls on the iPhone. Coming to Fring for iPhone: Two-way video calls | CTIA 2010 - CNET Reviews
If next-gen iPhone has front-facing cam, can use fring two-way video chat.
An Android client only supports voice and chat. I think that it has Fring app.