Reuters has announced yesterday that Yahoo! will be the first popular app on Iphone / Ipod Touch (4th gen) that will feature video chats. While there are some apps that do that (Fring for example), Yahoo has the benefits of a large user base and the desktop integration will make it an instant winner. Hopefully, by this, Skype will be finally motivated to make the step forward and release an update.
From what Reuters has found out, this is not just an idea or a project in development but a final app that has already benn submitted and is pending the approval:
UPDATE 2: A Yahoo spokesperson clarified that the iPhone app has not yet been approved.