As of Android 2.3.4 Google Talk lets you video conference the same way you are describing here i.e. open your contacts and in the person's profile you have the option to start a chat without starting gtalk separately. This feature is also part of Honeycomb, so this will be included in ICS for sure, as it is already available in the latest versions of both Honeycomb AND Gingerbread.
I also have a SGSII, which I love, but also on 2.3.3 and this is one of the reasons I am looking forward to an update (be it to >=2.3.4, in the short term, or ICS later down the line). I know I could just flash my phone with a ROM with 2.3.4, but for the moment I'm patient enough to wait and leave it stock.