LG Germany has announced on their Facebook page that they have now made new firmware available for unlocked LG Optimus 7 handsets which enable Internet Sharing. Many uses from numerous devices have been complaining the 8107 update does not enable this feature on their current handsets.
The firmware in version V11h (188.8.131.52), with the current version being V11g (means: 184.108.40.206) .
Hopefully we will see this update roll out to carrier devices soon also.
Thanks Manu for the tip.