As you may have heard, Steve Jobs is on the edge of revolutionizing yet another industry; sex hotlines. In this online era, because of the voice-only limitations of the services, dirty phone hotlines have been having a hard time competing against online webcam-based sex chats. However, with the iPhone 4 and FaceTime, this industry now has a chance to bounce back. This week, according to Cult of The Mac, has seen the launch of the first video sex chat service using FaceTime.

For $4 a minute, iP4Play will make available one of its seven ladies, for a truly immersive and personal FaceTime experience that will blow your mind à la Scott Forstall. Also, the fact that it uses the iPhone 4 makes it particularly discreet. We do regret the Wi-Fi only limitation of FaceTime for now though. Yet, as you probably know, jailbreaking your handset will allow you to bring iP4play with you anywhere; whether it’s on the bus, in a Starbucks line or at work.

Here’s how it works:

Browse our list of talent and choose who you’d like to spend some time with.
Registration is free. Be sure to provide your phone number — we can’t call you back without it!
Purchase time in blocs of 5, 10, 20 or 30 minutes
The talent will contact you on your iPhone using the Face Time app.
Enjoy your personal encounter!
Requirements:
An iPhone 4 running iOS 4 or later
FaceTime v1.1 or later
A Visa or MasterCard
A wireless connection

Ouch, something tells me Steve is not going to like this!