I have an N1 and T-Mobile also and totally agree. My T-Mobile no-contract unlimited everything (minutes + text + internet, including tethering) is $79, not $59. It's listed on my bill as "FPEvenMorePlusUnlTTW." T-Mobile coverage does have weak spots but in the good areas tethering speed is > 4Mbps.
At least, that's what I'm paying and that's what T-Mobile's site shows. If they're showing different prices in your part of the country please let me know and I'll reopen negotiations with them.
With taxes and fees I pay $89.66/month. There's only one phone (the N1) on this account.
[Edit] I did start thinking about this so I just called T-Mobile. The "FP" in the plan name stands for "Flex Pay," which in T-Mobile's world means you don't have a contract.