It's also portable to when there is a version of FaceTime for Android/etc.
They had originally claimed it to be an open standard.
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Android 3.0 (Gingerbread) is rumored to gain support for the same protocol used in the desktop version of Google Talk: Jingle. Jingle sounds a lot like FaceTime, I wouldn't be surprised if the two are compatible.
http://en.wikipedia.org/wiki/Jingle_%28protocol%29
No word from Apple so far, but I recall them saying that they would share the code with whoever wants to implement it, which isn't quite the same as open sourcing it.
Open-sourcing the protocol doesn't solve the integration issue, and Apple hasn't said anything publicly about letting third parties join this particular sandbox.