We just spotted the FaceTime logo, or a version of it, lurking in the OS X dock during Apple's iMovie 11 demo. New version of iChat with FaceTime compatibility? We'd put money on it.

Update: It's real! It appears to be an all-new app, instead of a version of iChat AV. You use your Mac's Address Book and make calls right from the app. If your chat counterpart is in portrait or landscape the display automatically adjusts, and you can also go to full screen. Better yet? It's out today, in a beta form. Find out more in our hands-on.
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FaceTime for OS X