I tend to have whatever I'm actively working on in my right-hand monitor, and everthing else in the left. At the moment, "everything else" includes a live feed of Justine Ezarik working on her laptop.
Some thoughts:
MAN, live Web video has come a long way since the last time I paid any attention to it. The feed stutters occasionally when I do something in PowerPoint, but aside from that it's seamless.
I wonder what it would be like to work this way all of the time? To see and hear co-workers in panes on my screen instead of over my shoulder in nearby cubicles?
Justine's playing her music pretty loud. It would be pretty nifty if, in the work situation I'm imagining, I could turn down the volume on my co-workers' feeds but they could "knock on my screen" if they needed me to hear them. As you can no doubt tell, I have zero experience with video chat clients so for all I know that feature may be totally 2006.