Apple was recently granted a gigantic patent covering everything that is the iPhone and a closer look reveals that serious video capabilities might be coming in the next iPhone. Apparently video recording is mentioned frequently throughout the entire document but a few images and sections explain a video conferencing capable phone.
Alexander Wolfe, from InformationWeek, dug up these sections from the patent that clearly explain the video capabilities of the iPhone. Perhaps the iPhone that a lot of people have wanted is finally the works.