Details from RockYourPhone.com:

Create a WiFi HotSpot with a press of a finger! Wherever you are – you can connect your laptop or other mobile device to your iPhone easily!

Features:
- Create WiFi Hotspot to connect mutiple laptops or mobile devices to share your iPhone’s internet connection
- 40 bit and 104 bit WEP Security to prevent others from accessing your WiFi HotSpot
- Ability to enable USB and Bluetooth Tethering on your iPhone as well
- Broadcasts the Network Name (SSID) – no need to fuss with creating an adhoc network on your laptop
- Uses less battery and much faster then PdaNet due to native routing
- Shows up and down bandwith usage

I HAVE INSTALLED THIS APP ON IPHONE3GS 3.1.2 AND ITS WORKS PERFECT ON MY LAPTOP. ITS VERY FAST AND EASY TO USE. I TIRED TO USE THIS APP FOR A BACKUP ON MY PS3 AND MY PLAYSTATION DOESN'T READ THE SIGNAL OR EVEN SHOW MY IPHONE WIFI IN THE SSID MENU.. ANYBODY KNOW WHY..? PLEASE HELP...!!!