It works great... I couldn't find my iPad yesterday. I took it out in the car in the morning, then when I went to look for it in the afternoon, it was gone. I didn't know if I left it somewhere or what I did with it... 'Find my iPad' showed me that it was near my location at home. I had Find my iPad send a signal to the iPad telling it to sound a tone. Then I went searching. It turned out that it had fallen between the passenger seat and the passenger door in the car. With the tone chiming away, it was easy to locate
Note.. Even a non GPS iPad can be found with iCloud. Non GPS iPads use WiFi triangulation for location services. That method is pretty accurate.