A video preview of VideoEngine Mobile, an offering from GIPS, is available to see here on Youtube. The man in the video touts that Video Engine Mobile "enables developers and mobile phone manufacturers to introduce the highest quality video for conferencing and chat applications."
Phones featuring front facing cameras such as the EVO 4G would likely be the flagship devices to show off this new technology were it to come to fruition in the near future. Additionally, this technology may spur more handset manufacturers to include front facing cameras to harness this ability.
As AndroidCentral puts it, "we may well be ushering in a new connectivity era for smartphones.
Other Sources: AndroidCentral, AndroidGuys
Image from Phandroid