Reality Fighters is already using the technology for facial recognition,
It is not necessary for Sony to create a video chat feature on the LiveArea (general term for the PS Vita OS) simply because "Party" is software that already allows users to communicate with one another via audio and text chat.
Other game companies could certainly pick up and make use of similar technology. In the new Silent Hill: Book of Memories, a multi-player Co-op with that face recognizing software could serve as a way to see if a player is idle and away from the PS Vita. A face rigged avatar (as featured in the OP's video) could also be used as a relatively simple disruptive factor in Co-OP gameplay,
(Edited from Silent Hill: Downpour)
Any another company looking to add a simple gimmick to their game could look into the avatar creating video streaming (w/e it is called) technology but, there should also be some implications on how they would make it work and when.