Skype for Mac, the popular video and audio conferencing software, has been updated to 5.3. The new version is available for free download from the Skype Web site.

New to this release is the addition of HD video support. To gain the benefit of better video, you’re going to need a Mac with a FaceTime camera (or a third-party HD camera) and a minimum of about 1.5Mbps of available bandwidth, according to a recent blog post from Skype’s Krishna Panicker.

Version 5.3 also adds support for OS X Lion.