I'm looking for a camcorder that will save me the video conversion step to display said videos on an iPad.
Does such a camcorder exist?
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According to Apple, the iPad is able to reproduce:
This leads to the file formats that Flip cameras use:
Video Format H.264 video compression, AAC audio compression, MP4 files format
So with that in mind, I assume that Flip does it.
However if you’re looking for a more “camcorder” thing (which you don’t specify in your question), the Sanyo’s Waterproof Xacti Camcorder does record in “Apple Friendly” format. Other than those, Google is your friend, look for “Apple friendly” camcorders. There are others out there.
I’ve personally tried the Flip and it’s fantastic, but I don’t have an iPad.
A word of caution: the ipad is not submersible ;)