ooVoo has released the long-awaited update to its video chat client for iPhone recently, so all those who downloaded the 1.0 version can now fully enjoy the application because the developers have fixed all the reported bugs.

The application offers free video calls to PC, Mac, Android phones and, of course, other iPhones. There is also text messaging, as you would expect from this category of application. But it does have its limitations, as it only supports up to three people on audio or video calls. PC or Mac user can receive chats in their browser, and the application does support both 3G and Wi-Fi.

When the application came out earlier, the user reviews were positive. The ooVoo application can be downloaded free from the App Store, but it also offers a paid version with enhanced features that include calls to landlines with up to 500 minutes per month and up to a maximum of six people on video and audio calls. This paid version is ad-free and it costs $10 per month – this could be useful for those who do a lot of conference calls.

Further, it is possible to get more talk time, call recording and other features if you are prepared to pay $30 per month. Full details are available from their website.

ooVoo shows us that, although ‘FaceTime’ is a useful application, it is still Wi-Fi only – so it has its limitations – so that it is only possible to call another iDevice or Mac. ooVoo joins a market where Skype, Tango and Fring are fighting for a bigger market share. It requires iOS 4.0 or later, and Mac or PC versions can be downloaded from their website.