depends on the encryption. WEP is worthless, WPA-AES is OK and WPA2-AES is the best, but can still be broken MAC filtering can be bypassed in minutes if the person knows what they're doing.
I tried the MAC filtering for 2 years and its fun to see people trying to connect to our open wifi but cant connect due to their MAC address not registered to the router. But the only hassle to it, is when new devices that needs to be connect must be typed in to be registered. But a few days ago, the router seemed to have hard reset itself and deleted all the mac address registered on it. Only found out about it because the internet got slower, and when i checked the router thru the router IP address that it went to default.
In my case, it doesn't matter which to use. Hardly any of my neighbors poses the necessary technical ability to tap into the security. Given it's short radius signal emitted; covering just my house parameter, it's barely detectable outside the outer fences and walls. I don't have to worry about anyone wanting to hitch a free ride.
That too I'm not worried. People in vehicles looking for wifi or radio frequencies don't come by my place. Even if one do comes around (which none ever been heard visiting so far), they normally are with the ministry of telecommunication; looking for unregistered privately run FM/SW radio stations, or unlicensed broadband providers (none exist in my area); not trying to hijack or thief internet signals. But I do incorporate password for the very simple reason it was needed by the router to input.
