I agree. I think Apple would kick much ass if they came out with something as cool as a real video phone. I'm thinking this is very possible -- MPEG-4 is already in use in some Japanese phones; there have been rumors of Apple working on some sort of camera for a while; the iPhone rumors themselves and the trademarks that have appeared; the fact that iChat had future video-conferencing capabilities planned (as evidenced by the fact that phone & video camera icons are embedded in it); also, hasn't Steve himself hinted at video conferencing?
iChat with a webcam would enable you to video-call anyone else with the same setup, OR someone with an Apple-branded video phone! Video phone users would also be able to (obviously) call each other or regular phones.
Everyone would want one. It would truly be as revolutionary as the invention of the telephone. And Apple would be at the cutting edge, of course. I think it could happen.