Hunting around in the iPhone/iPad SDK, one developer spotted this option to make an emergency call.
The above was easily achieved by enabled a passcode lock, and then entering it incorrectly about 5 times. You can then slide for a emergency call.
So does this mean the iPad will make emergency calls?
Possibly. There are two schools of thought here, and they both hold some validity.
The skeptic's response is simple, "that's leftover from the iPhone SDK, on which the iPad SDK is based!" It could be.
But, what I might call the more reasoned response, is that the iPads with 3G chips, speakers and mics could (technically) make such calls just fine. Plus, as 9To5Mac points out, FCC regulations mandate that all cellphones must be able to place emergency calls, even when not under subscription.
By offering iPad owners the option to make emergency calls, Apple could be sidestepping any FCC issues while also being generally cool about their device assisting those in emergencies.