I run WEP encryption and MAC allowances, and it isn't that difficult to set up. The pass keys are 10 characters long, or you can set up WPA access that uses a passkey you create. If you have rugrats with Nintendo DS's, then you'll be running the WEP protocol, since DS supports it.
I think most of us don't have to worry beyond WEP, but it's important for you to realize, these days, WEP is only a "keep out" sign. And if someone in your neighborhood needs an access point, and everyone else is WAP, your WEP is going to be his first choice.
You can crack an average WEP network in minutes. It's fun and educational; I suggest to everyone that you try it. Here's some places to start:
http://www.tomsnetworking.com/Sections-article118.php
Personally, I use a Linksys WRT54G, on which I have installed OpenWrt ( http://openwrt.org ) and for the technically inclined, it's the single coolest piece of hardware you can buy for under $100, bar none. If you have experience with iptables in linux, you *must* own one.