The iPad will never get full-blown phone functionality. That would put two Apple products in competition, something Jobs & co. will never allow. However, recent findings (GumballTech via Redmond Pie) indicate that the iPad may be able to function as a phone for the purpose of making emergency calls.
There's no reason the device would be uncapable of such things. It has a speaker and, at least theoretically, the ability to make calls over its 3G connection. GumballTech found hints in the iPad SDK that mention 'emergency calls'. He was even able to bring up the emergency call screen on the iPad simulator.
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It is possible that Apple added this feature in so as to comply with FCC regulations. Or it's equally possible that the 'emergency calling' feature was left in from the iPhone SDK.