OK this is for last year but just in case someone else searches for this a solution I found a while back
Added step open "com port 1" on the WM, not sure where I found that, otherwise the mac keeps "dialing" and the phone says "???? no need to dial, 3G not modem"
These steps work for me on SE Xeperia1 with WM 6.5 and Mac 10.5.8.
"Now with Windows Mobile 6, Bluetooth PAN (Personal Area Network) is used. So, if you are on Mac OS 10.4.9, you now have the ability to use a Network Port called “Bluetooth PAN.” Here are the high-level steps you use to enable your Bluetooth Internet Sharing:
1. Turn on Bluetooth and BT discovery on both your WM6 device and your Mac
2. Set up a Pairing between the two devices
My steps + Setup Bluetooth from Phone to Mac. Do it form the phone to the mac not the other way around.
+ Opem Comm port one from Phone bluetooth setup.
3. Enable the Bluetooth PAN port under your Mac’s Network Preferences (Network Port Configurations) by clicking the checkbox
4. Ensure that your devices are “talking together”
5. Start “Internet Sharing” on your WM6 device and click “Connect”
6. On your Mac, it is helpful having the “Show Bluetooth status in the menu bar” enabled
7. On your Mac, from the Bluetooth menu, select “Join Network on [WM6 device]“
8. That is it! (You should have internet connectivity on your Mac, provided you have good signal on your WM6 device). You can even verify that you got an IP address from your WM6 device by going to Network control panel and selecting Bluetooth PAN. Mine shows a 192.168.0.XXX number.
I hope that works. This is a good tip to know if you travel a lot and don’t want to pay for the expensive hotel internet services. Just plug power into your phone and your laptop, connect and you have “dialup” speeds for no additional costs!
If you have questions, write a comment below. If this works for you, DIGG it!
Don’t forget, you will drain your battery pretty quickly and use a lot of bandwidth from your cellular provider (especially if your internet service has a cap)."