I installed Virtual Router on my Sony Vaio Series F 12. It works very well with my ipad 3rd gen and my new ipad air. I use it to share a 3G connection and also to share files through a webdav server on my notebook.
Just one thing I don't understand: the first time I connected my ipad air, the host name and the ip address appeared on the Peer(s) connected windows; the ipad3 didn't connect.
I restarted Virtual Router and now both the 2 ipads are perfectly connected, but no hostname and ip address are shown.
Thank you for this precious software, as adhoc networks didn't work for me.