Indeed it is. Giddy with joy!
Works very well for a beta.
A few observations of the Beta:
* Names are alphabetized by first name and there is no option yet to change it to last.
* There is no search field for contacts.
* Preferences are very thin (only FaceTime On/Off, change your registered email address and add a new one).
* It would be nice if my iPhone 4's phone favorites were used as FaceTime's favorites for a starter set.
* Recents looks exactly like the iPhone's phone app recents list.
* You can manually switch from portrait to landscape if you hover over the pip of yourself window (forgot what it's called).
* Transitions for everything. Preferences slide up from the bottom over the contact list. Rotates smoothly from portrait to landscape. Very nice polish.
* The Zoom button does nothing until you're connected with another FaceTime device, then it zooms but does not enter fullscreen.
* My MacBook heats up every time I run it (don't have to actually connect with anyone). I don't ever remember it doing that with iChat video.