fring is working on a group video chat implementation for its iOS and Android apps. The update will eventually allow users to chat with up to four participants on-screen at once; fring's developers are allowing users to sign up for a beta version so that they can test it out before it's officially available on the App Store.
Group video chats appear to be a bit choppy even in fring's announcement video (which you can view on the next page), but that could be due to any number of factors from the connection speed to the iPhone 4's processor. Thanks to Photo Booth, we already know the iPad 2 with its faster A5 processor can display multiple video streams at once without a hitch, so it'll be interesting to see whether the same is true for apps like fring.
fring offered video chatting long before Skype's iOS app enabled it (and even before Apple's FaceTime debuted), so I'm wondering if Skype will follow in fring's footsteps again and enable group video chats in a future update. Personally, I'll be happy if Skype just produces an iPad-native app; the iPhone version feels pretty limited.