The contact list (buddy list) shows the status of all of your contacts. It allows you to IM, video, or audio chat. The contact list also displays the money left in your Skype Out account.

Here's what a video chat looks like:
Other features:
- You can share your computer screen with the other person so that they see what you see.
- You can audio chat with multiple people at once.
- You can use Skype to make "Skype Out" calls to landlines and cellphones.
Here's a list of prices for making a calls to various countries. The rates fluctuate between 2 cents a minute on 20 cents a minute depending on where you're calling and what type of phone you're calling.
http://www.skype.com/intl/en/prices/callrates/#listing-F
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