According to Verizon Wireless return policy:
Wireless Device/Accessory Return Policy
"You may return or exchange wireless devices and accessories purchased from Verizon Wireless within 14 days of purchase. A restocking fee of $35 ($70 for netbooks and tablets) applies to any return or exchange of a wireless device (excluding Hawaii)."
So I assume you have 14 days to return the iPad 2, but you will have to pay a $70 restocking fee.
You might argue that there should be no restocking fee being that you haven't even received your iPads (I'm assuming...).
I think the only way to get out of it is to refuse shipment when it arrives. Since they do not let u cancel an open order (I called a few times and nobody could pull up my open order saying it won't allow them to cancel it until it ships.