Very true article in the September 2010 edition of Wired about the latest iPhone's capability to do video calls (currently only, if both callers are connected via Wireless) raising the question of the utility of Videocalls per se: Many computer users nowaday's have web cams installed on the top of their screens, but seem to be hesitant to use them and prefer classic chat or sound only conversations to having their pictures sent through the glass fiber cables.
So, Alexander Graham Bell's 1891 vision of "seing by electricity" although technically feasible even from mobile handsets will not be a big thing that makes consumers spend millions for Christmas? They will continue to prefer the privacy of non visual calls and text chats to full exposure (and bandwith) video calling. Sure thing, except if you have a particularily pretty head and have the appropriate styling for your taret group. Or if you are at an event/in a location that is worth to be shared like pop concerts or impressions of natural beauty.
Still, using your iPhone for filming in public places might look kind of awkward and will occupy one of your hands, which might be waving in the air at the local Lady Gaga concert, so why not integrate a small camara in the head set that does not raise eyebrows? That would allow to share your current reality with the world or people close to and give you the chance to comment.