My PlayBook works with my iPhone WiFi hotspot. Connection is seamless and easy. Of course that often means my hotspot is also accessible to others who might want to connect to my phone without my knowledge.
Protect your hotspot with a strong password, using a mixture of upper/lower case characters, numbers and symbols. You type this password infrequently, so a long password is not a big inconvenience.
Here's my tip: Use a misleading network name in place of the default which is something like 'Craig's iPhone'.
I routinely use hotspot names like unavailable, offline, not available, disconnected and disabled. It is amazing how well this kind of name works. Even when I tell someone exactly what to do, they get confused and have trouble connecting to unavailable or offline.
BTW - Taking snapshots of the PlayBook screen (like above) is easy:
Just press the < volume down and volume up > buttons simultaneously to have a snapshot placed in your PlayBook camera folder.