There has been lot of evidence in the past couple of weeks to suggest that Apple has been purposefully delaying the launch of video chat facilities for the iPhone and iPad even though most of the backend seems to be already ready.
Developers have reported evidences of references to a forward facing camera and video chat functionalities being present on the iPhone OS 3.2 SDK. Now folks at 9to5Mac have dug out more evidences pointing towards the same. A few icons built specifically for the iPhone OS 3.2 SDK show dedicated icons for video chat functionality. Also, the script has references to iChat which is another indication of the imminent video chat feature.
The question now is has Apple deliberately decided to delay the launch of the feature in order to spice up the sale of iPad 2.0 or was the decision to include video calling functionality called off at the last minute owing to potential bugs.
Knowing how Apple goes about its business, the former scenario is pretty much possible.