WebRTC
sites.google.com
sites.google.com
The first part has just landed in Chrome[1].
This isn't exposed to the browser in anyway yet, so the APIs need to be agreed on, build and released.
Even in Chrome, the best case for that is months, and that is for the unstable stream.
If you want to build cross-browser applications, hopefully WebRTC will be released as a plug-in. It is unlikely that will happen any quicker than Chrome integration though.
[1] https://sites.google.com/site/webrtc/blog/firststeptowardchr...
Before that, I always used to wonder how could one take all of signaling protocol (like the monstrous SIP, XMPP etc) and media (RTP) and cram all of it into the browser.
Packing the necessary tools into a toolkit that a browser can utilize first-rate is, as you pointed out, a different challenge. Not sure what SIP or XMPP are "monstrous" though.
Both SIP and XMPP are way beyond "monstrous", hundreds of specs, and most implementations are not really interoperable beyond the very basics. (XMPP is still barely at the level irc reached almost 20 years ago, and that is after ten years of and ever growing and changing list of specs, which is actually the problem).
[1] YC W2011
WebRTC is a project building support for things like P2P and Device API support into modern browsers. This is so you could do things such as access a user's video camera through the Device API and establish a P2P stream with another browser, without using any Flash or installable plugins.
Now is just a JavaScript library that enables you to do RPC with browsers.