From what I understand and speculate there are a couple of reasons for Skype not having Video calling on their iPhone Client.
First the practical version, that the First iPhone / iPod Touch with a front facing camera (Which you really need if you want to do video chat) was just launched 3-4 months ago. It takes time to develop a feature to take advantage of new hardware, especially as I don't know how restrictive Apple is with third part access to the cameras. The new iPod touch has only been out for a few weeks, and it is that product that really opens up the option to the masses.
Another possible reason, if you believe the conspiracy theorists, Skype is delaying major features for non Verizon Phones as they signed an exclusive deal (Bar the iPhone I think) with them for Skype on phones, and don't want to offer major features on a phone not on their network.
More likely, they are concentrating more on getting Video calling overall to work better, as shown by the Beta multi user video calling that's just come out for pc , and also on working on a way to get paid for the Video calling as they want to make / keep the service profitable.
I personally wish that they would add that feature, as like you I'm very much dependent on Skype, and need a good skype client on my phone. I'm looking to upgrade my Ipone 3G and the main question I'm asking of all possible options is a decent skype client.
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