Following right on the heals of the rumor that the iPhone 2009 gets HSDPA support, Apple Insider reports that the next iPhone will get a Video Camera.
If you jailbreak your iPhone you can run apps like Cycorder today to have video recording, but Apple is not offering it at this point.
If Apple does support HSDPA in the next iPhone than video conferencing could actually be possible. For that to work the iPhone needs a front facing camera. Apple has for a long time integrated webcams into their notebooks and easy to use conferencing software.
Maybe Apple can do the same for video calls on mobiles that it did for web browsing: Make it easy enough and powerful enough that people will indeed use it.
More iPhone 2009 Rumors.
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