Here's an excellent piece by Mark Reschke on Steve Jobs' recent presentation and what it could mean for Apple's relationship with AT&T:
iPod Touch is an iPhone Without a Contract
I think Reschke is right that AT&T's move to tiered pricing pissed Steve Jobs off enough that he is now actively plotting against it. FaceTime could be the ultimate weapon to break teleco's hold on American communication services.
Others have dismissed FaceTime as little more than a new way to Sext. But sex is a big motivator, especially with young people. If they start using FaceTime initially to hook up, they might give up traditional phone calls for good.