It works flawlessly and it’s not iCloud locked. I’m charging the battery right now, as it’s dead, and will upload a few more pictures of the device’s about page, showing the size (128 GB) and the fact that it works and isn’t locked. I bought this the day the 128 GB iPad 4 was released, a little while after the 64 GB iPad 4 was released.
The only real minor caveat is that there’s a minor scuff on the rear side. I’ve never tried getting it off, but it might be able to be buffed off. Other than that little flaw, which is only on the back and will be covered by a case most likely anyway, it’s perfect.
Hope these images help.