I've spent a lot of time with Qik customer service lately, so I have some information regarding what works, what doesn't, what will be improved, etc.
Live streaming: works, but not well, and not always. Sometimes their servers go down due to excessive usage. In that case, your video won't show up streaming on your qik home page. If their servers are up, they tend to be overloaded, so your video will be very choppy. They claim to be upgrading their servers to meet capacity.
Video Chat: android-to-android works. android-to-iphone currently does not. If you request chat with an iPhone user, they will get an SMS with a web link, but that link will say that video chat on the web is unavailable at this time. They are working on iPhone support.
The company has promise, but it currently has lots of growing pains, stemming from the explosive adoption of Android phones.
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