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Tether/hotspot either comes in either two ways; natively with the OS, which with Windows Phone 7 OS it doesn't. Or a 3rd party writing an application to allow the phone to tether/hotspot. Not sure if Microsoft will allow an application on the Markeplace to allow the phone to tether or act as a hotspot.
It's questionable if this feature will show up in the Mango release. Will find out on May 24 
Verizon kills features on phones that don't provide them some sort of revenue