Skype 1.20 is now available in beta version. Among the new enhancements are support for Windows Mobile 5.0, a new version optimized for 312 MHz processors (if you’re processor runs at less than 300MHz and you use an external Wi-Fi card, you’re still out of luck), square screen and landscape support and a number of new languages (including Japanese, Spanish and Swedish). It also features a number of bug fixes (including a fix for installation on storage cards).
Note also that the EULA has been changed.