To this day I still do not know why people come to internet forums and ask peoples advice. Most criminals get caught because they either brag about what they have done or ask about if they did the right thing. Now, I will add to this its obvious you are not a hardened criminal and probably never even stole anything, not even a grape at the grocery store but do you honestly think anyone here can tell you its ok to keep it?
Well, he didn't ask "how do I get away with it", he asked about advice what is the right thing to do. In such a situation, anyone should try to figure out what is the legal situation, what is the moral situation, what is the risk of getting caught, and make a decision based on these facts instead of doing something uninformed and possibly stupid. If you read through all the replies on this thread, then you should get a good grip on the situation. I don't think we should impress our morals on anyone, but we should definitely help anyone making an educated decision.
Someone adviced "just sell it", which is illegal, immoral, and has an unacceptable risk of getting you into trouble. Yes, someone _will_ advice to keep it. But legally, the iPad is either Apple's or Fedex's lost property, and for example according to Californian law, keeping lost property and not trying to return it is theft. And there is a good chance that it would be found out.
Called apple..of course after being on hold for over 20 minutes because they had no idea how to handle a situation like this...finally figured out where the return should go and are sending me return labels. So apple will be double dipping...getting insurance money from fed ex..and the ipad...but at least I have a clear conscience.
Which was the right thing to do morally, it was also legally safe, and there was a slight chance that Apple would have let you keep it. They probably couldn't because someone else was involved (Fedex and insurance), so Apple will be spending some time and money to sort it all out. Overall the most clever thing to do.