There is even a free tethering solution. Install via Preware.
If you wanna go the "official" route, you can pay VZW (and AT&T?) to have it act like a MiFi and connect up to five devices to it over WiFi. So awesome. But it does burn through batteries. The good news is...the Pre has REPLACEABLE BATTERIES! And they're cheap as hell on Amazon.
It was the first device to have WiFi tethering, so yes.
Even the new Veer has tethering available from AT&T. All webOS phones are capable of tethering, the older models being capable of wifi, bluetooth, and usb tethering.