This is a tablet version of the extremely popular PdaNet software. It allows you to share the Internet access of an Android device with another Android device through Bluetooth. You should install this application on both the tablet and the phone. Then run client mode on a tablet and server mode on a phone. No rooting required. Connection speed should be very fast if your phone has good data service.
PdaNet works by setting the web proxy server on your tablet and route web requests to a Bluetooth DUN service. That means only applications that use web connections will work. On Honeycomb devices PdaNet supports Browser, Gmail and Map. For Android 2.2/2.3 devices PdaNet only supports the Browser app.
Might not work if you're on Verizon and are on Gingerbread. If you happen to be on Verizon and get this to work, please let us know.