Great! Thanks. iCloud settings describes this as "uploading new photos to iCloud", but this must also include videos taken on the iPad's camcorder.
I did a test, and my iPad's available storage went down after recording a video. After deleting it, available storage went up. So I'm not sure if this is true.
Researching more. You have to convert videos to an iCloud accepted format before it will upload. So possible, but a pain in the a**. Am not thrilled.
An alternative is called Bitcasa, it's an online file sharing website which has unlimited storage, and it's completely free. Just sign up for their beta program - http://www.bitcasa.com