SightSpeed is one of the companies making this real, and today they announced their latest release, which looks very Web 2.0. Much like RIM, the value-add isn't the endpoint device - it's the software platform that supports all the cool features and services that people will be willing to pay for. Sounds like a good business model to me.
Their updated release is very much about building web-based communities. Sure, you can use it to make one-to-one video calls, but that's so Web 1.0. The cool factor is to use it like Skype - build a community of users, and make video-conference calls - in a secure setting. The community idea is built around the use of "public community directory", which will allow users to quickly affiliate with like-minded people. Furthermore, this release includes video publishing tools, so users can easily create their own video content and video blogs. The possibilities for both consumers and small businesses are pretty interesting, and I'm sure we'll be seeing other video-based applications and tools soon to make video - VVoIP - as easy to use as VoIP.
Along those lines, I'd be remiss to not mention another strong player in this space, B.C.-based Eyeball Networks. A couple of their twists include "Anti-SPIT" technology, and a beta version video softphone.