Fortunately, something that the guys over at wpcentral found out about sheds some light on the issue. Thanks to a job offering coming straight from Skype headquarters, we now know that the Windows Phone 7 version of Skype will support video calling indeed. The successful candidates will be working on bringing the Skype video engine to the Windows Phone platform and will be responsible for improving the software even further with updates to be released at a constant rate.
When exactly Skype is going to become a part of Windows Phone 7 and how deep it will be integrated into the platform are questions that we have yet to learn the answers to. Maybe we will have to wait until Mango-powered smartphones with front-facing cameras hit the US market first?
source: Skype Carreers via wpcentral