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Without jail-breaking (hacking) your iPhone, no. Although AT&T has been rumored to be working on a plan that would officially allow this.

Search here for 'pdanet' if you want to read about how to do it unofficially (with a jail-broken) phone.
 
Hopefully AT&T and Apple reach a REASONABLE agreement soon.

I was hearing 10 bucks more a month? If so then I'm in.

The issue is AT&T's greed, they charge $30 additional for tethering any phone on their network (option not yet available for iPhone). People have figured out ways around it but they shouldn't have to.

Just AT&T being greedy, tho they argue it limits the number of people who would suck up more bandwidth on their already over-subscribed data network.

Cheers,
 
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