According to the Android Developers Page, the capability is coming with the 2.2 update:
Certain devices like the Nexus One can be turned into a portable Wi-Fi hotspot that can be shared with up to 8 devices.
You can use your Android-powered phone as a 3G connection for a Windows or Linux laptop by connecting their phone to the computer with a USB cable. The connection is then shared between the two devices.
Now whether this will apply to your Incredible remains to be seen. It depends on at least two factors:
1. Whether the phone has the hardware capability.
2. Whether Verizon allows that functionality to remain in their version of the 2.2 update.
there's no way verizon will allow it. one of the features of the htc incredible is that you can tether....for a fee. they won't allow 2.2 to offer a service for free to their customers. sad....but true.
They already allow the Palm Pre Plus to provide WIFI mobile hotspot service, I would hope they don't muck it up on the Incredible.
Actually, if they somehow do disable it on the Android phones that receive the 2.2 update, or if they prevent the update from being applied, I will personally start a class action law suit!