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WEP is essentially useless. It can be cracked offline in 60 seconds using easily-available tools. If you're looking for security, use WPA or WPA2. A powered directional antenna at the AP can make up the speed difference. (I'm sure it's only 10-15% anyway.)
Without WPA, anybody within range of the antenna can capture packets unnoticed and see what's going on, or even use ARP spoofing to do man-in-the-middle attacks.
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