Just got the 2.2 update from »
androidforums.com/motoro ··· oid.html about 30 minutes ago and can confirm that tethering is indeed available on my Droid. Tested with PDANet with my netbook and all functions normal.
Go to Settings > Wireless & Networks > Tethering.
Also, I can now move certain apps from phone storage to SD card storage by going to Settings > Applications > Manage Applications and tapping the app. If available, it will give you a button that says "Move to SD card". I don't know if it was available before, but I am glad I found that one.
Bone stock, no root.