Because the software is based on the Dolby Axon 3D voice technology, users will be able to hear voice chat in surround sound--minimizing the sensation that all voices seem to come from the same location. The new software is well-suited for chat room features in online multiplayer games, and has an easy-to-use graphical interface that allows users to create, join, and interact in visual chat rooms.
Users can register for the limited beta release at http://axon.dolby.com.
"Dolby understands that people hear the world in surround sound, so it makes sense that we would enable this for an online world as well," said Matt Tullis, Senior Marketing Manager for Games at Dolby Laboratories. "Whether it's in online chat rooms or during actual game play, the ability to discern each other's voices spatially translates into a much more enjoyable experience."
As hardcore gamers ourselves, we were anxious to get our hands on this new product. We’ve given it the full run through and have listed our favorite features below. However we strongly encourage you to go and try it yourself!
Our Favorite Features
Surround Sound Chatting: With Dolby Axon you can always tell who's talking because the voice quality is incredibly clear and members of the chat can place themselves in certain locations so the sounds, location, and tone of their voice remain constant. This makes it easy to identify who's saying what, and who's screaming for that heal!
Large Chat Rooms: You can
invite up to 50 people and see them visually represented in the chat room.
The sound stays clear even with that many people and the surround sound
plays a big part in letting you know who's saying what, so that you can
actually identify voices and it's obvious who that person is despite the
larger number of people in the chat room.
Group Division: You
can set up sub-rooms inside the main chat room, so if you're having a guild
officer meeting, while some members are crafting and others are raiding,
everyone in the guild can break off into different rooms inside the same
area. This also makes it incredibly simple, and requires very little effort,
to get everyone together and on the same page when you need to quickly
mobilize your guild to defend or attack.
Low-Bandwidth and High quality: The bandwidth usage for Dolby Axon is extremely low, and the quality is better than you'd likely hear on a landline phone. Using Dolby Axon, nothing is lost and you gain an excellent competitive advantage!

Comments
not if you make your own server :)
So yes it CAN be free.
I could see it being cool in some games though, but the inconvenience would probably make it more of a novelty than anything.
@terrorstride
As far as I have tested it you can set up how the voice works so it can be just like vent where you here everyone just the option of making the voices fade. add qPandap or Xares to test.
If you read what this program is and does, it's more related to a instant messenger with chatrooms than a voice communication client.