For Android 2.3.4 -- and has a couple extra features that breaks it away from the other video chat apps out there. Kind of sad that a ton of current devices won't see this anytime soon, if ever. More reason for you to root your android phone and get an aosp rom.
Google needs to take control and standardize the OS and make it so all devices can get updates. It's way too fragmented, and many devices can't get updates without rooting. Now that the iPhone is on Verizon, I see Android falling by the wayside unless Google radically changes the way they do things.
Google already released the source for 2.3.4 so I got to flash the gapps. Obviously didn't work too well Googletalk worked but the video portion force closed. And the voice part worked but eventually force closes too. Should have to some alpha builds up in the next few days.
Out of curiosity, what ROM are you using? I just flashed CyanogenMod 7 on my Galaxy S, and I think I might give this a try.
I'm using miui currently. the new googletalk video/audio feature is working now, but switch to rear camera on my evo makes it force close. otherwise it works beautifully. switching between wifi to 3g and vice versa just pauses the video for a few moments then once the connection is complete, it continues as normal.