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Of course there is. I don't think it will happen, however. Google Plus already demonstrates rich in-browser video teleconferencing. I think that's the way to go.

It should be relatively easy to build a Google hangout client with nothing but HTML and a WebKit+plugins engine.

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Could you be more specific on why this will not happen? As you say, in-web calls should be possible, why people don't compete against skype with decent web apps?

I think a new stand-alone application has zero chance of successfully taking on Skype head to head. A web app, possibly embedded in a social setting, has a much better chance of success, if well executed.

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