I think it's a super-cool feature. My husband & I tested it out about a month ago and chatted with a friend of ours who lives in the South Bay. As I have friends who live all over the country, this will be a great way to stay in touch. Also, there are other innovative ways to use it. I did a write-up on Bay Area Bites about a cooking school that teaches classes in real-time! http://blogs.kqed.org/bayareabites/2011/08/04/cooking-lessons-in-real-time-google-cooking-school/
But people are hosting mini-concerts, watching videos together, etc. It's also a great tele-conferencing tool.