Facebook released a new video chat feature, powered by Skype. You no longer need to be logged into a bulky video chat program to see which of your friends are online and ready to chat. However, the first time you go to make or receive a video call, Facebook will ask you to download a small piece of software and configure some flash settings.
Here are step by step instructions from Mashable about how to get started with Facebook Video Chat: Click Here to Get Started!