Fring, the multifunctional chat app for Android and iPhone, is adding group video chat to it's Android app.
Fring also allows you to chat on clients such as AIM and Google talk plus make phone calls over the web. If you want to check out the current Android version, you can download it for free here.
Check Fring's video demo of the app below. Each person you chat with gets his or her own window on your screen, Brady Bunch-style:
You can try it out early by signing up for the beta version of the app from the company. This is the first mobile app that we've seen that will allow group video chats. (Correct us if someone has done this first).