I thought this was pretty interesting use of chatroulette.
When we first got TV cameras, we just video broadcasted radio shows--which became late night talk shows. Eventually, we figured out that you can shoot shows with different formats, from sitcoms to reality TV.
It seems like we're exploring different formats of internet video, chatroulette being one of them. Sure, you can chat with people, with chatroulette, but if you can come up with something interesting that interacts with the person on the other end, you essentially have a never-ending stream of people as an audience on chat roulette.
In addition, when you record your performances to one person over the chat, you can broadcast it on justin.tv or youtube. Plenty of enjoyment to be had from watching these records, as shown by the video above, as well as the original people in the video getting their 15 mins of fame.
Whoever figures this formate out first is going to have a lot of fast followers and land grab. This is the story that journalists are looking for on chat roulette, not that chatroulette is like playing russian roulette with cocks in five of the chambers.
One of the YC companies in our batch did something like chat roulette, but as video speed dating facebook app. I thought it was pretty brilliant, but somehow they never pursued it. I have no idea why.