DIY Two-way Video Conferencing for iPhone, Stunned Look Not Included
Some clever Modders have found a novel approach to creating a working two-way video conferencing solution into iPhone. With a little IP voodoo and huckleberry mirror, twin brothers Glen and Ken Aspeslagh found a way to successfully pull off a live video conference, over the web, by streaming compressed video to a special server which then streams the video to a recipient iPhone.
You can read more about this bit of hackery after the jump. I'm giving these guys my coveted "I want to have your children" award for sheer brilliance.