Previewed at WWDC, launching in the fall.
NetShare Unlikely to Return to U.S. App Store
In speaking to Wired.com, the developer reports that Apple is currently reviewing user contracts with their mobile phone providers, including AT&T. Wired got hold of an AT&T spokesperson who confirmed that tethering is not allowed in the AT&T terms of service.
As a result, it seems unlikely that NetShare will return to the U.S. App Store but it does leave open the possibility that it will be available to international customers whose mobile carriers do not have such restrictions. Despite the removal of the application from the App Store, customers who purchased the application prior to its removal can continue to use it on their iPhones.