I am almost there with my setup I am connecting to my test WIFI network (which is ICS configured) then I connect the FON via crossover cable to the same Laptop Ethernet port, setup static IP on the FON with 4.2.2.2, and opendns as my DNS, then gateway is my ethernet port IP.
When I SSH to the FON I can ping and nslookup any domains, when I use my HP IPAQ with a predefined wireless network saved in the settings the FON detects that and connect me, the only thing is I am having some issues getting to the net from the IPAQ.
I will test this better once I have two Laptops but this is all I have for now.
Lastly I had to Blacklist my Testwifi network, because when Jasager takes it over my IP changes and I am in a infinite loop without a link to the internet.