Easier Way
There is an app called MOUNTUSB in the marketplace that makes this significantly easier. It has a widget that you can place on your home page that makes it as easy as connecting the USB cable and touching the widget.
For anyone that likes to tether their PC, as I often must for business reasons, there is another app called "PDANET" and it works quite well, at least with my MyTouch. There is a small fee for that one. It's well worth it to me, though.
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