Looks like the upcoming Mango update to Windows Phone will support the Personal Hotspot feature, allowing you to share your phones 3G/EDGE/GPRS connection via its internal WiFi network.

The image opposite comes via wpcentral.com and shows a Mango 7720.68 build with ‘internet sharing’ as an option. You can also see the ability to display the WiFi Personal Hotspot name.

WithinWindows.com author Rafael Rivera confirms that his Mango build also has it, but that it looks like the feature will require carrier activation, like the iPhone/iPad but unlike the corresponding Android feature.