Video chat application : Which technology to choose?

I have to undertake a project which is to make a video chat application.

The video has to be streamed from one location and can be viewed by multiple people spread out over the globe. Performance is really an issue and a delay of more than 2-3 seconds is unacceptable.

From what i gather, this can be done in Flex and also in JAVA. Any performance issues and caveats with a particular approach ? I would really like the pros to comment on this and guide me through. Will be very very helpful.

Are there any open source libraries available for video recording in fl开发者_如何学JAVAash / JAVA which i can integrate into my app and customize according to my needs ?

You are better off using a set of extensions to XMPP ( a la Google Talk). Gtalk uses Jingle and is open-sourced.

Have a look at RED5. It is open source and uses Flex, Java, Springframework.

Do you really need recording? Otherwise, I'd just stick with P2P.