The iPhone has FaceTime, but you can’t call a group and have lots of video chatting pals on at one time. The other major VoIP platform Skype can't video chat with lots of folks either. A new beta version of Fring is out that will work for both the iPhone and Android devices. The new beta version has a cool new group video call feature.
The downside to the beta version is that for now it is an invitation only beta. The app will come to both the iPhone and Android eventually and right now, a few key points aren’t clear. One of the key things is that it's not known if the video calls are available only on WiFi or if they will work on 3G as well.
You can see the video below to get an idea of what the app allows you to do. Video chats with a group will make for some cool virtual meetings with nothing more than a smartphone with a front facing camera. I wonder if video calls can be made between iPhone and Andorid users.