Video chat has been around for a while now - I'm an avid user of Skype. Google introduced their chat and video application (Google Talk) as a standalone application a few years ago - but i was already going good on Skype, so there's been no need to change.
So today I get a notification that Gmail has introduced video chat. The timing is great. I've gotten used to the built-in Gmail instant chat box, which I frequently use to quickly chat to a friend or family member. They've simply extended on this, by adding video.
The quality is exceptional, audio fair and the ability to full screen the video puts it on par with Skype, and moreso brings forth the reality to anyone who has not yet been introduced to phone or video calling using the internet... that THE FUTURE is HERE!
So will I shift my video/audio chat needs to Gmail? Still the answer is no. I personally like Skypes standalone app, although I might give the standalone Google Talk another go... one day.
Here's the video from Serge at Google: