It's expected that the new Skype iPad app will allow the users to make video calls over Wi-Fi network along with other functions like Chat and Audio Calling.
Even though Skype had an iPhone app since 2009, it pushed down itself from launching an app for iPad due to the absence of front camera. The first generation Apple iPad lacked a front camera and it was unable to do video chat on it. But, with the launch of iPad 2, video chat became a common practice on it.
Obviously, the iPad 2 has FaceTime for video chats, but users are more attached with Skype and moreover it works with both 3G and Wi-Fi. While the FaceTime allows video chat from Apple to Apple, Skype app will offer video chat to other products also.
According to some media reports, Skype accidentally posted a video about their new app in YouTube, but pulled it back after understanding the mistake. We can expect the new Skype app for iPad by Tuesday, Jun 28. Stay tuned for more updates.