Update: It is now gone.  Hope you got it while you could!  BTW, the developer of this app is 15!

When developers could not sucessfully keep tethering on the App Store by means like Netshare, Nick Lee thought to make something stealthier. The new approach came via a basic flashlight application, Handy Light, with the SOCKS proxy functionality tethering hidden behind it. Last week, the developers posted a YouTube video detailing how to activate the functionality. 

The app costs 99 cents and you can get it here. We recommend downloading it right now if you seriously want it as the privilege will be removed very soon. We’ll update on our thoughts once we get to play around with it.

Our Notes:

Had to restart my iPhone 4 to get it working. May not be a widespread need, let us know in the comments if you had to also. 

Speedtest (upload is better than my house WiFi) :

Screen shot 2010-07-20 at 5.03.59 PM.png

via MacRumors.