It really works, and it really works slick.
Get the Find My iPhone app , install it on the iPad.
First time it opens, you will be prompted to sign up for the free version of Mobile Me if you are not already a Mobile Me subscriber. The current free version is dedicated simply to finding iDevices.
Then on a computer, login in to http://me.com and enter the Mobile Me credentials that apply to the device to be found.
Find iPhone, Searching
Find iPhone, Found
Find iPhone, Send Message
Find iPhone, Message Finished
What it looks and sounds like on the iPad. http://lakedata.net/index.php/eng/Apple/Find-My-iPhone
Multi-tasking on the iPad .. http://www.gilsmethod.com/multitask-ipad-ios42