The ideea is very good! As I have heard it is still in test phase. The main problem with it is the refresh time. Its refresh time is to long so the chat is not going veyr smooth.
Because I know most of you are busy I have taken the time to search some things. Here are some suggestions:
1.
vB Shoutbox 1.0 - vBulletin.org Forum
2.
BVShoutbox FULLL - vBulletin.org Forum
3.
Shoutbox for vb 3.5.4 - vBulletin.org Forum
4.
[AJAX] vBShout v2.0 - vBulletin.org Forum
5.
Meebo Me | meebo
6.
Olate - VB - Chat Room - Part 1
Hope they can help!