[msisaac]

I prefer WMWifirouter myself due to it's no-hassle setup. Here are my pros and cons:

WMWifirouter pros:
1. Easy as hell to setup and run.
2. No client software has to be installed on your laptop or other device.
3. Offers WEP protection
4. Newer versions offer choice of sharing internet over wifi, bluetooth, and USB.

WMWifirouter cons:
1. $30 USD! This app is worth $10, maybe $15, but not $30. Try and find version .91, which is the last version that was freeware.
2. If you do use version .91, there is no WEP.
3. Very nasty uninstalls. I can't even uninstall .91. I have to completely reset my phone with a backup in order to get rid of older WMWifiRouter versions. The newer versions are slightly better about uninstalling.

For alternatives, you can check out WalkingHotSpot, which accomplishes the same thing as WMWifirouter and costs about $5 less for the "lifetime subscription". You can also check out ICS Control, which is a fairly ugly GUI frontend for Internet Connection Sharing. It's completely free and can be found over on xda-developers.com. It's ugly, but if you figure it out, it provides all the same functionality as WMWifirouter and even some extra features.