We used the Static build of Skype client on my Ubuntu Lucid laptop, while Kaprie Kanu used Ubuntu Jaunty laptop across the room. Downloaded and extracted the compressed archive to /opt/skype-version location on both the computers.
First I faced few issues with my external web camera (see LP #502866). Starting skype with following command fixed this issue.
And the results are good, text chat and Video chat works well. There is slight video distortion (green lines at the bottom of video frame). File transfers are quick and Desktop sharing, a new features in this version works out of the box.
You can use Desktop sharing for making online presentations with Ubuntu. If you need sound events from the computer to be streamed as well, unplug the headphone and use the external speakers.
Skype Desktop Sharing