I have just installed the latest IOS update on my iPad2 and have No Service from Telstra pre-paid 3G data. WiFi is fine.
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I have the same problem. I hope there is a fix soon. I literally recharged with the $180 365 day plan the night before I updated. Like everyone else here my wifi is fine. The SIM is all good - put it in my Android phone to test it wasn't the problem and it was all good there. It seems to be an iPad 2 issue
If it's anything like mine, it will work for a few minutes after ejecting the SIM and putting it back in.
I had the same problem and handed my ipad to my son who went straight away and did this :
It worked straight away! Yaay! Im back up and running