just so you know, the camera for the iPad 2 is not the best, a lot of people hate it, please test at apple store to satisfy yourself before purchase, you can also test FaceTime.
iPhone 4 can do everything you are asking for, with a wayyyy better camera and way more mobile than an iPad.
and since you are thinking more about video, don't get 16GB.
New iPhone in Oct.
recording a live video conference, i'm not sure about that, and concerning cutting off of a video conference, people should be lucky that it is becoming available and enjoy the experience and CONVENIENCE, but once you have a good wi-fi connection, no cut-offs until you press end.