ooVoo has demonstrated the first HD, Multi-Point Video Chat solution available on smartphones.
ooVoo's announcement is the sign of a growing trend in mobile to supplant the PC/Laptop as the primary communication device, regardless of medium. Currently ooVoo's multipoint HD solution is Android only, as it utilizes a number of hardware features available on Qualcomm's Snapdragon platform.
We can be sure though ooVoo won't be the last to announce something like this. Skype just recently overhauled their Windows and Mac clients to support up to 5 participants, with the mobile Skype clients being able to join in the calls with audio only.
ooVoo has made the solution available to only device manufacturers for now. My guess is because the client is doing some fairly hefty hardware interaction that many device manufacturers don't support. It will be interesting to see what phones this solution is supported on, since it requires specific Qualcomm hardware(The MSM8655 Developer Platform) for the time being.
For now, you can take a look at the complete ooVoo mobile video solution on ooVoo's website.