Can the device also be used with the LAN connection as "upstream" (ie. Internet)? So scenario laptop via WiFi to the E5770 and internet via LAN RJ45 and *not* via 3G/4G?

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I'll answer that myself right away: yes, it is possible.
The Ethernet connection can be used either as a wired connection instead of WiFi for Internet via 3G/4G (setting "LAN only") or, if you change it, as an upstream, via DHCP, static configuration or PPP, etc. The device can also be used as a small bridge between Ethernet and WiFi.
This makes the device suitable as a small bridge between Ethernet and WiFi.

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Question about Huawei E5770

Can the device also be used with the LAN connection as "upstream" (ie. Internet)? So scenario laptop via WiFi to the E5770 and internet via LAN RJ45 and not via 3G/4G?