Fring was the first to bring VoIP calls to the iPhone, and it looks like it's now finally done the same for video calling -- sort of. While it obviously can't do much to change the camera placement on the iPhone, the latest version of the app will at least let iPhone users (and iPod touch users, for that matter) see the person on the other end, and Fring says it'll add two-way video calling whenever "a front camera is placed on these." As with the company's app for Nokia devices, you'll also be able to make video calls to Skype users, but you'll have to make sure you're in the vicinity of a WiFi hotspot, as this one doesn't support calls on 3G. Head on past the break for a video.
Update: As we've been reminded, while Fring did somewhat beat it to the punch by making an app available for jailbroken iPhones, Truphone was actually the first VoIP app to be demoed, and the first to be officially approved an authorized by Apple.