Got to love that. I had somehow been distracted from my smartphone for a while and missed a lot of the new WP7.5 features. My phone hadn’t been synced in ages. Anyways, my trusty LG Optimus 7 met its end the other day so I bought another. After applying all the patches I scrolled through the settings and much to my pleasure I see “Internet Sharing” that allows me to share my internet connection with 5 users. NICE!
Only gotcha I encountered was that I had the QC Composite driver enabled on the phone. In this mode I could connect to the phone but not get internet. I switched back to the MS Composite driver and hey presto internet sharing. I think that pretty much made my day! 🙂