If anyone cared, (and judging by the replies, NO ONE does) I retested my speeds while driving around the city just getting for a feel of what to expect from using my phone as a hotspot for my iPad and I received great results.
At best I got 4-5 mbps download and about 1-2mbps upload. I was able to stream YouTube, xfinity tv, and use all of my apps (except Skype) very well. Surfing and basic non video apps work perfectly, but you will have to have relatively decent reception or connection speeds to stream video effectively.
When the connection was strong, it worked as well as I hoped it would when I skipped out on the 3G and went for the wifi only iPad. When I tried Skype I didn't have the strongest of connection, but if Skype is the only program that doesn't work tethered, it wouldn't be the end of the world.
My only major concern I guess would be how frequently the connection speeds decreased and increased as drove around town. I'd assume this has nothing to do with the phone or the tethering, but the service that gave such spotty results. I have AT&T by the way. I guess if I had the 3G iPad and AT&T service I could expect similar results.
Overall I'd say I'm SATISFIED!!!