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Has anyone found a way to do this yet? Do I have to resort the Sprint Data option? Any other options out there?
Tethering is always a tricky topic – You can never tether two devices using Wifi. However you can hardwire via ethernet your mac to the internet and share that internet via wifi. Also you can connect your laptop via cell adapter (Sprint or other) and share that via Wifi. This is set up in the sharing control panel under the system prefs. If you need more details let me know. As you know both the iPad and iPhone will readily accept wifi just like the laptop.
If you are looking to go the other way iPhone to laptop, then the iPhone must be jail broken OR you can pay an additional fee to ATT ($20/month) for tethering. This is an ATT issues not an iPhone issue. Carriers in other parts of the world allow free tethering but this is not available in the US. Rumor has it that other carriers will have the iPhone early next years (2011) so we may see some movement on this front in the next few months.