According to my research (and it's pretty extraordinary that this is so badly documented), if you know the person you wish to FaceTime with is already on WiFi, go to their Contacts entry and tap the FaceTime button on the bottom right, the call will be connected directly via WiFi with no charges at all, like a VOIP call.
Of course if you start the call conventionally and then switch to FaceTime you will be charged for the first bit of the call.
It would be helpful if Apple made this clearer. I've made FaceTime calls in the UK where I've started the call conventionally and then switched. I'm in the US now and haven't used it, fearing high phone charges. It was only when I got an email today announcing the new iPod Touch with FaceTime that I realised it must be possible to use FaceTime exclusively as a VOIP app (since the Touch has no facility for making cellular calls...)