FaceTime for the iPad is here! ... if you've got a jailbroken iPad running iOS 4.2.1 and you're comfortable using the command line to move files, that is. A slightly complicated 7-step hack will get you an iPad-optimized of Apple's popular video-calling app, albeit without the ability to transmit video (due to the iPad's lack of a camera). The instructions are up on 9to5Mac, and you can follow them at your own risk.
FaceTime apparently runs well on the iPad, though, allowing you to transmit audio and receive audio and video from a friend on the other end. You can see it for yourself below, in a video demo posted by "Intell," the creator of the FaceTime for iPad hack.