There will be a new gesture based Kinect only menu also known as the Kinect Hub.
From here you can get to your music, your movies (which are also gesture controlled), and Video Kinect - a video chat function.
Video Kinect looks to have Bing integration where you can see the weather where you are located and where your friend is located. You can also watch movies together while being able to see each other.
The Kinect also tracks where you move so you are always in the viewfinder.
Video Kinect is coming to Live Messenger on the PC as well so who knows if you will be able to
Also mentioned, but already known, is that Xbox Live will be coming to Window Phone 7.