Earlier today a member of the androidforums.com message board found what appeared to be a new Android OS update for the Motorola Droid on Google's servers. Marked with a similar naming-scheme as past official updates from Google, the file name indicated it was the newest release of the Android OS, 2.2 (aka "Froyo") for the Droid.
After downloading the update from Google's servers and applying it on my own Droid, I can verify that it's legitimate, and works great. It also includes a "USB Tethering" option! Unfortunately as far as I can tell, there is still no Internet connection sharing (that would turn the phone into a wifi hotspot), but USB tethering is clearly better than none at all. Otherwise, all the previously reported features are present and accounted for, including a nice speed-boost when switching between home-screens and menus.
Verizon customers are still patiently waiting for an official over-the-air update for the Droid, which has been promised for "this week." It's been widely reported that the update as applied by Verizon will lack tethering and an Internet connection sharing option.
You can download the new update from Google's servers here (42mb). Instructions for updating are similar to past Android OS releases from Google: Re-name the downloaded .zip file to "update.zip" (without quotes), and place it in the root directory of the SD card. Turn off the phone, and reboot while holding the "x" key on the keyboard. When a screen with an exclamation point appears, press the "volume-up" and "camera" buttons simultaneously to select from available boot options. Select "Apply update.zip" from the list using the D-pad.
The update will be applied, and then return to the boot screen where you can now safely select the "Reboot" option from the list. The first boot after updating will take longer than normal, so give it some time and leave it plugged in to a power source for the duration. Enjoy Froyo!