Skype has pushed an update out into the App Store specifically focused at the iPhone 5 and iPad 4. Both updates add support for HD video calling, which is only possible on the latest iPhone and iPad due to hardware restrictions. It's a welcome update too, or at least it'll be a welcome update for your friends and family who will now be able to see your happy smiling face in much higher quality than before.
Otherwise it's all about a bunch of general fixes and improvements. Both updates are live in the App Store now, and if you've taken it for a spin, let us know how you're finding the extra quality.