Yes, it is supported. LS670/P500/P509 can be Wifi Hot spot(Wifi Router). and then the other wireless device can access the internet thru LS670/P500/P509.
[How to do]
From Home screen -> Menu –> Settings –> Wireless & networks –> Portable hotspot -> Turn on “Portable Wi-Fi hotspot” –> Go into “Portable Wi-Fi hotspot” –> Go into “Configure Wi-Fi hotspot” –> Setup Network SSID / Security / Password