Since it took me a bit of shuffling to figure it out, I figured I'd write some instructions for hot to enable your new iPad as a mobile hotspot.

1. You need an iPad with Verizon 4G. (AT&T plans do not support mobile hotspot at this time).
2. You need to sign up for a data plan. You can do this through Settings > Cellular Data. Currently, all Verizon data plans support mobile hotspot.
3. Finally, and this was the part I had to find, you can enable the Personal Hotspot feature through Settings > General > Network.

Update:

It seems like after enabling the Personal Hotspot for the first time, or after a reboot (I'm not sure), the Personal Hotspot menu item appeared off the root of the settings menu. I'm not sure why this is, but I hope this helps anyway.