I've been using the iPhone's tethering feature for a while now, no problems. Saved me the other day when I had a power cut and my ethernet was unavailable. I was in the middle of a huge forum post, lol.

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10.6.3 @ Asus P5K-SE : BIOS 1104
>>[email protected] :: 4Gb RAM Corsair :: Asus-EN8800GT@512
10.6.3 @ Asus G60Vx RBBX05 : BIOS 205
>>[email protected] :: 4Gb RAM :: GTX 260M@1024
DOS, Windows 7, OSX 10.6.2 via AsereBLN 1.1.9