Skype 3.0 version has been released recently for iPhone which now allows you to do video call any of your skype buddies from iphone and vice versa over wifi or 3G network. So, if you have the latest version of skype for iphone you can do a video call just now.
Follow the procedure below to do video call conversation using skype
Note: Firstly update the latest version of skype on your computer
1. Now run skype, select the person with which you want to do the video call.
2. Once you the skype contact, you will see the option to do a video call as shown in the iphone screenshot below.