Not as a "hotspot." PDANet works but only through Bluetooth or USB (it never did work through Wifi) and Barnacle works with reservations (you must adjust the MTU on your client machine(s), and it's ad-hoc mode only.)
The actual hotspot option, if you try to enable it using the hidden menu programs that are out there, does not work. It appears the kernel is missing the necessary functions (this is fixable with a proper kernel, but without one is not fixable at all.)
To replace the kernel however requires rooting as well.