So we found some example code http://pastebin.com/82HV2cAc and played with it a bit. Could be useful, we need to play more and get it working. It's already running Theora too :D
I just saw a cool development from Collabora. http://telepathy.freedesktop.org/wiki/MujiDemoClient
4 way capable open source video chat
I'm excited to crack open the code tomorrow and check it out.