Actually, it didn't disappear as an Application and loaded fine with the proxy information, however trying it now, Safari just gives me an error and I can't get anything to load
Netshare has always been a bit temperamental so it could just be my set up.
You might have to reassign your iPhone to take a static IP again from your computer to computer network -- Mine switched back to DHCP after the update, but i fixed it in a few taps.
After that, NetShare is back up and running flawlessly.