It creates a personal portable wifi hotspot for use with your portable devices like laptop, ipod, netbook, etc.
And why would I want that when I can just tether to my phone? Oh, I forgot, this is Verizon Wireless we are talking about, paying more while getting less.
If you want to connect more than one device, devices that may not have bluetooth (or iPod touches where the bluetooth is "crippled") and have wifi, etc.
I have a similar application on my S60 phone and it's very useful.
