Remember the “something awesome” Facebook CEO Mark Zuckerberg teased the press with the other day? There’s been all kinds of speculation as to what it is and according to the folks at TechCrunch, Facebook is launching a new video chat product powered by Skype.

The chat will be in browser and raise chatting up a notch on Facebook. No more chatting with just our words. It’s time to get face to face.

The details are definitely sketchy as of now, but there’s a press event scheduled for July 6th that said nothing more than “Please join us for an event at Facebook”.

So, what does this mean for Skype? A lot. As of now they have around 170 million users, compared to Facebook’s 750 million. And with Google+ launching a group video chat feature, this is something Facebook needed to include in their features. Now we wonder if this makes Google+ Hangouts less awesome. We will see.

When can we expect to see this video chat feature added? Mashable’s sources say it “will indeed be launching next week”.

Stay tuned as we get more information.