It is capable of much more, if it is WiFi, like a phone modem. I have 5 devices in my router via LAN and 5 additional via WiFi.I know you would like to believe this but in reality, it just doesn't work regardless of the policy of the billing. Consider a 5 spot device. It is capable of up to 5 ip addresses off one Verizon 3G modem.
BTW, AT&T and Apple is now going to open up the iPhone as a mobile hotspot with a Tethering account. That means that the phone will now serve as a single modem to connect multiple devices while paying for just one account (as it should be).
ETA: I see where the confusion is. You are taking the, "As many devices as you want" too literally. As many devices as you want was not meant to mean that I can connect 20 devices at one time. But I can connect a million devices, 5 at a time, when needed.
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