You can indeed make Skype video calls on Apple's iPad 2. I made a test call from my Windows 7 PC to Larry's iPad 2 that he picked up this past weekend. There is no native Skype app optimized for the iPad just yet, but it does work. No word from Skype on when an iPad-optimized version of Skype is forthcoming.
All you have to do is install the iPhone version. Obviously, the resolution of the app is small since it's designed for the iPhone, thus you have a lot of black space surrounding the Skype app. However, after making a video call on the iPad 2, you can press the 2X button to zoom in to nearly full screen and the quality was excellent over a WiFi connection. Frame rate was very good as well as the audio. I didn't test this over 3G since Larry hasn't activated it yet. Here's the test video call captured (ironically) using my iPhone 3GS camera: