Switcher Studio is a mobile video app that lets you sync up to four iPhones and iPads to record and stream LIVE video to services like YouTube and Ustream. Insert photos and graphic overlays, manage multi-view effects, and more.
I have not yet played with this so I cannot give my opinion on it yet. I just wanted to share this because it looks very interesting both because it is related to iPad and video production, two of my passions. The app is free to download, and I believe they offer a free service as well. For more information head over to the Switcher Studio website.