I am happily using PDANet v3.02 (paid version) with my Galaxy Nexus and I've experienced no problems so far. Collectively, I've used it for tethering for about 2 hours with no dropouts.
To transfer my paid version from my prior phone, I simply downloaded PDANet from the marketplace and installed it onto my new GN . Then I connected my GN to the laptop where I already had the PC side of PDANet installed. The only hiccup was having that laptop recognize the GN and PDANet's drivers, which required installing the Android ADB driver twice. Once the GN hardware was recognized, the license was automatically transferred from the PC to the phone, and all is working now.
