No, NOT right.
The new iPad ("iPad 3") can become a WiFi hotspot (Mobile Hotspot) and then other devices (such as a smartphone, laptop computer, or other tablet) can use the new iPad's connection to the internet wirelessly through WiFi. To do that, you MUST be paying for a data connection from your new iPad to the internet.
I spoke with Verizon reps and AT&T reps about this today. The Verizon rep confirmed that the new iPad's mobile hotspot feature will be available (for no additional charge) on all of their pre-paid iPad data plans. The AT&T rep said he believed the new iPad's mobile hotspot feature would ONLY be available if you pay for the 5GB for $50 plan (he said it's 3GB for $30 PLUS $20 to tether with an additional 2GB, so, 5GB total for $50).
Mark