MS bought a more mature "Facetime"
Apple have launched FaceTime on the iPhone and iPad, and people are actually starting to use mobile tech to speak to each other face to face. However, if you want to speak to someone via FaceTime, then you'd better hope they have an iProduct.
To compete with this, just launch with something similar, but with a much wider and unrestricted userbase...such as Skype.
I am convinced Skype will be integral to Windows phone OS in the near future.
Also Skype telephone could be sold better, there is a lot of potential - I personally use a Skype phone (wireless handset with a base unit plugged into my router) at home as my landline, with localised numbers in the UK and another major country for people to dial to reach me. Calls automatically forward to my mobile if I don't answer at home within some seconds (or immediately if I sign-in to Skype on my mobile phone). I enjoy cheap international calls at any time, it's perfect for anyone living abroad, or anyone who travels a lot, and wants to take their number with them. It's a lot more than an IM client with a cam.