We use Hangouts with increasing regularity. Just today I participated in one with 5 folks -- 2 from Brazil (different PCs in same office, 1 from India, and 2 from the US (different offices). It worked as well as our network allowed, which is to say good enough and much better than just using the phone (which, with VOIP, isn't always much better).
The original content is about the new APP one can now pull through iTunes. Here's Google's original post. <a href="http://googleblog.blogspot.com/2012/07/google-app-for-ipad-available-now-in.html" rel="nofollow">http://googleblog.blogspot.com/2012/07/google-app-for-ipad-a...</a>
I did a Hangout for a work meeting recently, and the audio quality was terrible. I think we had 4 participants, and every time someone said something it would be "reverbed" like a speech in a stadium. It sucked.