So thanks to @nikibrown's post on twitter, I ended up video chatting with some cool designers who through together a vid chat impromptu. It was great to actually see folks from around the world and test drive TinyChat.com's app in the real world.
The basic gist of the Tiny Chat app is a combination of URL shortening, Flash enabled webcam tool and a chat room. Combine all those together and you end up with a little app one could use for project meetings, advanced podcast/vidcast, or anything else you like. You can also embed the app in your own site, so let's say you want to password protect your vid chat room. You could embed the app in a password protected page on your site or blog and then email out the address and password to attendees.
The only drawback is it supports only 12 broadcasting participants, but you can have many more chatters. So it would still work for like a round table discussion with many more viewers.
Anyway, try it out, let me know what you think.