Update: Philipp continues to reverse engineer Hangouts using chrome://webrtc-internals. Please see the bottom section for new analysis he just put together in the past couple of days based on Chrome 38.
As initiators and major drivers of WebRTC, Google was often given a hard time for not supporting WebRTC in its core collaboration product. This recently changed when WebRTC support for Hangouts was added with Chrome 36.
So obviously we wanted to check out how this worked. We also were curious to see how a non-googler could make some practical use of chrome://webrtc-internals. Soon thereafter I came across a message from Philipp Hancke (aka Hornsby Cornflower) saying he had already starting looking at the new WebRTC hangouts with webrtc-internals. Fortunately I was able to convince him to share his findings and thorough analysis.