I just noticed this folder: /data/system/throttle on my phone.
Does anybody know anything else about this?
The throttle bits are part of the core framework. Nothing hidden. WiFi tethering works just fine (except for the occasional reboot on enable) in CM7 without any changes. Likewise USB tethering works... sometimes. But that's likely a kernel issue. If VMU is really depending on software in the phone to rate limit, they'll soon learn the lesson that cable companies learned in the first days of cable internet access.
Interesting, I don't appear to have one.