Agreed. The technology can support it, just mac doesn't release things untill they are locked down and fool proof. A network that can support 3g can definatly support simple 1-2megapixle video chat.
But why would anyone really need video chat on their phones?

Its a bit to risque to go pour money into a very un-necessary portion of an already high end product... think about it, the iPhone (although great) is already and "elitest" item... with an increase in price (especially in production costs) the iPhone wont sell nearly as well, and I doubt apple can afford to sell more for the same price.....
Again they need to figure out the taking videos,
then pic/vid msgs BEFORE they can venture into LIVE videos.....