Whoever finds it can restore it, if you had icloud and find my ipad set up prior, you can wipe it remotely.
Reporting a lost or stolen product
Report to police along with serial number. Change all your passwords.
Its not so much tracking as it is locating it on map. Not much use unless you already have an idea where it is. But you could wipe it (restore) via that feature and keep your info private by deleting it. So yes, it would've restored to factory settings.
Locate on a map
You're welcome, and unless you've already tried, call the airline. You never know, they do actuall clean sometimes after flights.
I've collected these links that may or may not be of use to you.
How to Track and Report Stolen iPad
Reporting a lost or stolen Apple product
Report Stolen iPad Tips and iPad Theft Prevention
How to recover a lost or stolen iPad
How to Find a Stolen iPad
Apple Product Lost or Stolen
Oops! iForgot My New iPad On the Plane; Now What?
If you don't know your lost/stolen iPad's serial number, use the instructions below. The S/N is also on the iPad's box.
How to Find Your iPad Serial Number