Details have been posted by Apple about using Find My iPad. Like the iPhone version, you will be able to locate your iPad, display a message or sound, remotely wipe it, etc.
You no longer have to pay for MobileMe to get this feature. According to Apple, these are the steps to set up an account for this feature:
1. Enter your Apple ID and password. If you have an iTunes Store account or have ordered from the Apple Online Store, you already have an Apple ID.
2. If you don’t have an Apple ID, tap Create Free Apple ID and follow the onscreen instructions. If you’re already a MobileMe subscriber, enter your me.com or mac.com email address and password.
The steps for set up are located here.