Free video from Skype: is it conferencing?

My colleague Allen Fear calls it video chat, while the Associated Press calls it video calling. What really got me excited, though, was when Small Biz Technology called it free "videoconferencing," which I guess means a group of people able to have a meeting online, via video, without paying for the privilege.

I'm still gathering details on this in-beta video tool from Internet telephony (or VoIP) company Skype, but if it is free videoconferencing, then wow.