Some people think so.
A number of companies will be or are already doing video e-mail. Conferencing Server will offer videoconferencing capabilities beyond the capabilities of Microsoft's current NetMeeting product. While all these products, and the large number of other video products that use the messaging infrastructure as a backbone, provide some usefulness, it's highly unlikely that video in a messaging environment will take off anytime soon in a big way. Adding video to a messaging system would increase the storage requirement for that system dramatically. Related to the storage problem is the obvious problem of bandwidth.