FaceTime was invented by inventor Steve Jobs before his death
(well, obviously)
FaceTime was released in conjunction with the iPhone 4.
FaceTime allows users to see the person on the other side of the phone through the usage of video software devices.
This application is also available on the Ipod 2.
The person on the otherside must also have a compatable Apple product in order for facetime to work
This is kind of like a webcam for phones if you think about it.