Thechlology has changed, new doors have opened, and it's time to bring back ideas that where too early for their time. Not too long ago, there where several companies involved in VideoPhone, it did no work, why? Because the communication lines where too slow (small bandwidth). Now, we have Cable, and DSL with very high speed available to most residents. VoIP has also improved significantly over those bandwidth, so why not go to the next step and add the video? There are already planty of VoIP phones, a simple modification and adding a small screen (the same ones used for digital cameras) and a small camera (similar to the ones used in PC cameras) and syncronizing the image with the voice and sending it with the same packet of voice. Why can't we go there? I would jump into that venture.

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there is, it's called iptv. i heard xbox 360 is doing it soon. and there's also video streaming, like youtube, google video, metacafe ( though the quality ain't all that good). if your still curious, take a look at the venice project.
http://gizmodo.com/gadgets/software/venice-project-hands-on-this-is-going-to-kill-youtube-223737.php
There are numerous others.