The app offers two-way video calls, and lets you record video mail. Qik's live broadcasting skill is present in the feature that lets you post a live link to Facebook and Twitter if you'd like, so friends can watch in real time.
Taking the video theme one step further, Qik Video Connect can create a newsfeed so you can watch friends' videos from the iPhone. It works over 3G, 4G speeds, and Wi-Fi, although the latter may offer the most reliable support.
The app comes in two pricing tiers. The "plus" version for $2.99 adds seven real-time effects and filters, similar to the Qik Video Camera Pro app that's already been available in the App Store. It also includes video editing tools and support for high-def video quality. The plus version of the app is available for the iPhone and fourth-generation iPod Touch with iOS 4.0 or later. A Qik spokesperson told CNET this morning that the free version is awaiting Apple's approval.
Although Qik isof consumer products, it's interesting that Skype is letting Qik build its original name without rolling it into the Skype brand--at least for now.
Article updated 3/15/2010 at 8:22AM PT with the latest availability details.