It's not a new app, but I thought it good to mention it now with the news that Personal Hotspots are coming to the iPhone with iOS4.3 update.
It's a likely that you'll have to pay through the nose to your network operator to get this feature to work. Some operators will add $20 a month to your contract to turn your iPhone into a WiFi hotspot.
So...a reminder that there's an app called MyWi for jailbroken iPhones that does the job now...and your carrier won't know.
It's one of the more expensive apps in the Cydia App Store. It costs $19.99, but there are no other fees - apart from gobbling up your data allowance.
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