Noah from TechnoBuffalo.com provides a comparison between Facebook Video Chat and Google+ Hangout. In the Google+ Hangout, Noah demonstrated some steps need to get the Hangout started, a few bugs found during the call, sharing YouTube videos, and the quality of the audio and video during a Hangout with four people. According to Noah, Facebook Video Chat had better quality video but is limited to person to person video chatting with people on your friends list. There appears to be no way to minimize the video chat window in Facebook. It just sits there in center screen.
Like I've mentioned in another post I wrote, Facebook video chat will be good for chatting with mom whereas Google+ Hangout will be the tool/service I use for school and work in the future to start up brainstorming sessions, group meetings and etc. Will Apple come out with an updated Ping/FaceTime integration? Time will tell. I doubt Apple will devote resources to compete in social. I would rather be able to make FaceTime calls over 3G and see a version of FaceTime on Windows and other platforms.