The stream is the place to have meaningful conversations with the people you care about. It centralizes all the content people have shared with you, as well as the people who are trying to share with you, but who aren't yet in your circles. You might see text posts, pictures, videos, links, or location markers. When you share with people either individually or through a circle, your content will appear in their stream.
Video chat is nice to have, but I am sticking with Skype.you may feel differently, Facebook and Twitter still seem to be the game changers.