Here comes Fring App for iPad that lets you group chat up to 4 members at a time. Unlike Facetime Fring does not impose any restriction on the network connectivity for video chatting. You can initiate a group video chatting on any network (3G, Wi-Fi, 4G, etc.) but Wi-Fi is the most preferred option for smooth video streaming.
Also Fring is a cross platform application(runs on iOS, Android & Nokia), so your group video chat session can have a mix of devices – iPads, Android smartphones/tablets and Nokia mobiles. Anyone mobile device with a front facing cam and Fring app is allowed to join the party.
Here is the promotional ad of Fring’s group video chatting application
By the way did I say that Fring is a free app? Group video on iPad at no cost!!!