Systems and methodologies are described that facilitate enhanced data service functionality for data services operating in a multi-processor computing environment. As described herein, respective processors and/or other components can be utilized to form a Smart Peripheral Subsystem (SPS). As further described herein, the SPS can operate in association with a modem processor and an application processor at a mobile computing device in order to reduce loading at the application processor and improve memory usage efficiency. In the case of a mobile computing device sharing a network connection with a tethered computing device, the SPS can couple a modem interface associated with the mobile computing device and an interface through which the disparate computing device is tethered to the mobile computing device such that operations such as Layer 2 (L2) framing and/or de-framing, Network Address Translation (NAT), or the like can be offloaded to the SPS under various circumstances.