I have always wondered why iChat is missing from the iPhone.

And I think that the omission of it from the iPad as well is curious. If they want to appeal to "regular users" as an internet device - it just seems really odd. Most of the "regular users" I know do a few things online:

Surf (Facebook, MySpace)

Hopefully they add a camera for v. 2 and then have video chat as an option - just like every laptop and iMac sold for the last 4-5 years.

Oh well - not worried - not a huge deal - maybe there's something else they're planning to do.