Turning your mobile to a Wi-Fi hot spot is great of sharing your mobile internet connection with your laptop, specially in situation you don't have or cannot afford separate internet connection. Normally it can be done with your mobile but there wasn't any straight forward method to convert your iPhone in to a Wi-Fi hot spot. Now you can do it without any problems.
Thanks to PDANet you can have a Wifi connection from your mobile. "The latest version turns your iPhone (any version) into a true WiFi HotSpot so that you can connect from your computer (MAC or PC) or iPads. This allows your laptop to go online wirelessly through the 2G/3G/4G network on the iPhone." It supports all iPhones up to the latest iOS (4.1), Android phones and Windows Mobile phone. PdaNet is not approved by the Apple App Store. Therefore you need to jailbreak the iPhone install it through Cydia to use this feature.