Finally the wait is over and Skype has come with an update for its Android application. Now Skype for Android supports one to one video calls. This is now possible from both wifi and 3G. You can get this application from Android Market or just go to skype.com/m from your android mobile.
Here note that it is available for Android 2.3 or higher version devices. Also your device needs to have front facing camera. Once you install this application you will be able to do video call to any of your skype friend on iPhone, iPad or even windows PC.