HTTP-over-DNS would also be neat :) I think I would be able to get internet access in some airports if I had HTTP-over-DNS
I'm waiting for the day when RFC 1149 is expanded to incorporate a layer 2 tunnelling protocol. I suspect this issue is not the initial encapsulation but how to extract the original frame without it getting mangled.
Depends on definition of fast, the latency indeed could be better, but your bandwidth is only limited by the size of your USB stick, and most often would be much faster than current solutions.
apt-get install dns2tcp
Pretty easy to use too (though development seems to have stopped)