If it's the official client, then I don't see why it wouldn't. Only used it once or twice myself, since with IM and non-visual media I don't necessarily have to be wearing pants.
If it's some third party client, then who knows. It may work well for a while, but once Microsoft starts monkeying with it, they'll likely start changing the protocol around to make it so ONLY their versions work, and who knows how long the Mac version will continue to be developed. My advice would be to not let yourself get too attached to this system, because there's at least a good chance it will up and go away sometime in the near future. I'd take a wait and see approach, and if by about this time next year Microsoft hasn't announced that they're going to drop support for OS X, you can be cautiously optimistic.
I would like to use my iMac for this type of communication.