IDG Answers is a community of experts who are passionate about technology. Ask a question or answer one below.
The range is pretty short, as you noted. Otherwise, sure, you can do it, but the speed is going to be crawling slow vs. WiFi. I think the max transfer speed over Bluetooth is around 1Mbps, which is pretty pathetic compared to even a crummy internet connection over WiFi. Other than perhaps as a quick connection for visitors to check their email or something, I would not use Bluetooth for an internet connection. Also, since you would still have to pair your Mac with the device, I don't see that you would save any time over just entering your WiFi password (unless you are concerned with your friends having it, I suppose).