To summarize: iPhone users have been waiting for a long, long time for AT&T to make good on their promise of iPhone tethering. When it finally happened, iPhone had the option of sharing their 2 GB of data for $45 per month ($25 for the data, $20 extra for the privilege of tethering), with no option to include the iPad in the deal.

AT&T’s policy strikes me as arrogant, bordering on profiteering. Yes, I know all the arguments, chief among them that this is AT&T’s way of discouraging use of the network because they can’t handle the traffic. Congratulations, boys. It worked in my case.

Like others, I researched the alternatives offered by Sprint, Verizon and others, but the high contract price was unpalatable. There were options with no contract, but the high initial purchase price of the MiFi itself made them equally unattractive.

Enter Verizon Mobile Bradband2Go with their new MiFi option with no-contrac. Finally, the option to buy the hardware at a reasonable price, and bandwidth as I need it, at a reasonable rate. Eureka!

If you aren’t familiar with the MiFi, it is a small mobile hot spot that connects up to five Wi-Fi devices to the internet through 3G service (in this case, provided by the Sprint EVDO network). About the size of a credit card, 1/4 of an inch or so thick, it easily fits in a shirt pocket.

First, let’s look at the dollars and sense. The Virgin Mobile MiFi retails for $149.99 and comes with all you need. Amortized over 24 months (the life of an AT&T data plan), that’s $6.25 per month. Data plans are based on both time period and total bandwidth used, ranging from $10 for 10 day or 10 MB the whole way up to $60 for 30 days or 5 GB.

The AT&T options are almost all a bit cheaper, but that assumes you need 2 GB per month, and that you will use it all. If, say, you only used half of your allocation, the prices fall more in line with Virgin Mobil. Before making the decision, take a hard look at your data usage in both peak and non-peak times, consider that your bandwidth can be used for any Wi-Fi device, the convenience of no wired connections, and the fact that you aren’t dependent on AT&T.

Set-up is easily accomplished. Just charge the MiFi, turn it on, and connect to it like any other Wi-Fi network. You are automatically directed to the Virgin Mobile site to create an account, assign a passworld to the MiFi, and enroll in a bandwidth plan. The whole process takes about 10 minutes if you studiously review all the details. You have the option of setting up automatic renewals when your current plan expires (through either use or time), or making it pay-as-you go. The account page makes it easy to see where your account stands and make changes.

A note for those who already have a Virgin Mobile plan through their Ovation MC760 USB device: You can transfer your plan to the MiFi if you wish, but that will render the USB stick unusable until you either transfer it back or purchase a separate plan. Each plan can be assigned to only one device at a time.

Performance is as advertised. You or anyone you give the password to can log in like any other Wi-Fi network, and you’re connected.

Battery life is represented as 4 hours of use and 40 hours of standby, and that seems to be accurate, though I seldom have it turned off more than 48 hours, since the MiFi is now my source of connectivity for my MacBook Pro as well as my iPad. The MiFi can be charged via a supplied USB cable or a wall-charger, and recharges fairly quickly.

If you’re looking for an alternative to AT&T’s tethering plan that provides more flexibility and convenience for more devices, and hate contracts, give the Virgin Mobile MiFi 2200 Wireless Router a look.

Now, will someone come up with a minimalist iPad case with a MiFi pouch?