Upcoming update to Skype for iPhone will allow iPhone and iPod touch users to video chat with desktop Skype users or other iPhones (an iPod touch 3rd Gen) users with Skype installed.
A help document called “How do I make video calls with Skype for iPhone?” actually walks users through video calling steps that aren’t part of the app … yet. That should change in early January, when Skype hits CES for a panel called “Video Calling Gets Ready for Primtime.”
Skype hasn’t released the software just yet.
Here’s the help document: