That’s it. A quick note: You may have to manually assign IP addresses, I did not have to do with with my Mac since both IP addresses ended up in the 169.254.x.x network.
There are a few things you have to keep in mind. The first is that you MUST have a developer account. Without this, the application will not install on your iPhone. Secondly, this is not actual tethering. It’s merely a proxy running on your phone.
It does work, and it works well. It works better than the Netshare application does, only because it does not use as much battery power as the Netshare application. iProxy is free, but does require a iPhone developer account.