So the good is this: folks at XDA are working, with some success, on hacking onto our Mango phones internet sharing/tethering (first seen on the Focus). The bad news is, most of you can't do this (developer unlocked) and even if you could (like us) you wouldn't want to because good lord are there a lot of seemingly complicated steps.
We won't post the directions here, because honestly it wouldn't make sense, but you can head over to XDA, take a look and promptly return here.
Now, even though this is seemingly complicated and only for Samsung phones at the moment (sorry, HTC and don't even think about it Dell), it's a good sign that the community is moving forward on this as perhaps and easier method will come forth (see "all-in-one provxml file" as an example). So maybe, just maybe this is the start of something that the rest of us will be able to use in the future.
See our earlier coverage of why this feature is missing from current phones here.
Source: XDA; Thanks, Steve S., for the heads up