I think this issue was sort of brought up on a tv show over the last week. I don't remember what it was but they where discussing video phones. A good point that was made is that one of the conveniences of using a phone without video is that it allows some sort of privacy. It doesn't matter what you're wearing or how your hair looks. I think the same thing applies here. I think it'd be a great idea if it where an optional video conference application, where if you feel like people being able to see you, you let them, and if you don't, you don't have to.
So, to sum it up a bit, as long as there is an option to turn your video off to protect privacy when one wants it and still allow the users without a webcam/video camera (like me) to participate, I'm all for it.