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I've been using WMWiFiRouter since it was in beta, and it's a great app. It's also grown a bunch, and is still actively updated.
I only paid about $15 (it was actually €10.)
My biggest complaint is that my phone gets super hot when it is running, and it runs through the battery in about 30 minutes. I usually plug my phone into my MacBook's USB port when I'm using it, so at least I don't have the battery issue.
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