I always knew that the loop holes in iPad’s functionality were going to be plugged in by the apps and hacks developed by jailbreak team. The latest iPad hack allows for a jailbroken iPhone to be used as an modem for iPad WiFi only model. The hack is accomplished courtesy a jailbreak only app MyWi (costs $9.99 and comes in 10 day trial option), which is available via Cydia and Rock. After launching this app on your iPad you have to turn on the “WiFi Tethering” option, and then search for available networks where you’ll see iPhone as available wireless network. The connection speed using this hack is excellent and it works as if you are actually using a 3G iPad with its plan.
The only downside with this hack is that it will drain your iPad’s battery much faster than normal, so you better fuel iPad’s tank full while using this hack. There is a video updated by MuscleNerd that shows that iPad 3G is just as vulnerable to hacking as the iPad WiFi model.