Yep,
I'm using it right now as my home network went down and I'm too lazy to go reset the router.
Basically all you do is turn on the Hotspot app. You'll have to configure the app's security settings to allow your laptops to connect. After that, just go into the wireless settings on your laptops, 'refresh' your available network list and click on your Droid in the list and connect.
Pretty simple. It took me about five minutes to get it set up and start surfing the first time.