What I think about iPhone 4G and IPhone OS 4

Wow,
A real iPhone 4 two months before it is supposed to be unveiled. I think Apple can still tweak the design, but I am convinced that what we see now is very close to production. It looks good - seems to get the design queues from Macbook pro.
While it is still possible that Apple built more than one prototype (all of them in super finish form - if any company can do that, then it's only Apple), if Apple knows that the leaked device has more features than they intend to include it'll hurt us.
If you think - Apple has been always late to the party when it comes to the features. They always play catch up but they implement it well. The presence of front facing camera is big thing - no other US phone has it and I doubt AT&T has the necessary bandwidth to support video calls. Why? If you ever tried qik app, you'll know. Even to upload to their servers (one way), it is few seconds/minutes behind.
Real time video conferencing can only be possible, if
1. AT&T charges separately - which will discourage many to use the feature
2. They allow only it in WiFi mode, I doubt that
3. They some how compress the video and still make it look good enough - remember iPhone 4 has 960 * 640 resolution. Even if they split it into two parts (one part to see yourself, another to see other person), it still has to transmit at 0.5 Mega pixel resolution. They can drop few frames, but Apple always tries to make a perfect solution and they won't go that route.

So, there is a good chance that video chat may not be there. So, if it's not really there in final product, Apple has to act quickly. Otherwise, every one will expect it and if it's not there when Steve Jobs announces it in WWDC, it'll be perceived as a flop/short coming.