All great answers.
I was always of the opinion that the charger could by-pass the battery and supply power.
Many items I have work that way ( I think ) dde1c
The iPad doesn't draw power directly from the charger, but from the battery. The charger's function is to add power to the battery. If your battery is still draining while plugged into the charger, it's because the charger can't supply enough power to the battery as fast as using the iPad is draining it.