Ultimately, it depends upon your player. If I'm watching a video with the default iPad player, I can navigate via the progress bar on the bottom and seek to any point in the video, and it works very well, regardless of segment length or key frame cadence.
Some players support the #EXT-X-I-FRAMES-ONLY attribute. This implementation of trick play works by only playing back the intra frames. This was introduced in version 4 of the Pantos spec, and I have only seen it working well on newer iPads. A good sample clip can be found here.