Ok,
Camtwist is the way to go for a work around.
Download and install: http://camtwiststudio.com/download/
Run Camtwist:
You will see across the top Step 1: Step 2: Step 3: Settings
Step 1 and 3 are the only ones you need to pay attention then settings ok
Step 1 - select webcam
Click select at the bottom.
Step 3 - You should see a webcam checked
Settings - camera - select ASUS USB XXXX
Now under Step 3
Save Setup (pop up window) name it what ever you want click save
Now under Step 3 you will see what you just created under Saved setups..
Saved setups:
Highlight the one you just created and select Auto load at the bottom.
NOW THIS IS THE DEAL...if you use Google+'s video chat you need to go into Google's chat settings and change your camera to ASUS XXX and then Google+ falls into the same instruction as Facetime, and Photo booth
For Facetime, Photo Booth and Google+ Chat/Video...it doesn't matter if you start Camtwist or the other app first but you have to run both at the begining until your cam starts working if it doesn't startup within a about 20 seconds click on the Saved Setup you made and it should start. Now once the camera is working you can actually close/quit Camtwist and your cam will still work until you close Skype, facetime, or Photo booth app.
I have tested this on Mountain Lion on several different MBPs and Mac Airs....hope this helps.
Here is the odd thing, Yahoo messenger functions perfectly without using camtwist but I couldn't get skype to work with camtwist at all..
I hope Apple updates its camera drivers soon to natively support this camera but until then....use Camtwist