Recent news about a few emails to Steve Jobs say that the Lock Orientation switch on the iPad will now be the Mute switch. Now, we've already seen this be changed in the iOS 4.2 beta and we think it is for the best. Jobs continued to answer that there will be no choice in changing the behavior of the switch through user settings or anything like that. Once iOS 4.2 hit the final build and released to the public in November, this switch will be pointless if it locks orientation.
In iOS 4.2 we will have the ability to double click the home button, swipe to the right, and lock our orientation as we would on other 4.0+ devices. You have to admit, you sometimes really need a mute switch. =]