I've got nothing against layered security. It's major flaw, though, would seem to be that it can be easily used as justification for all kinds of ineffective measures and security by obscurity. You want more layers for wireless security? Segregate your wireless network from the rest of your network and make sure you don't expose anything on it that you can afford to have hacked. Eg. don't have open shares or do all sorts of unencrypted, local network type stuff and use decent host based firewalls. Another interesting method is to actually leave your wireless network completely open but don't route out of it until individual hosts authenticate to the router using something like authpf. Alternatively, only allow traffic from the wireless network to a vpn server and have all your wireless hosts join a vpn to be able to connect out. All of this is actually effective and can be done at the same time as wireless encryption.
The other interesting thing about a wireless network is that, of course, it's only a tiny portion of the entire network that you use when you talk to, say, your banking website. You can encrypt your wireless traffic all you want, but once that traffic leaves your home and hits the public tubes, you have no reason to believe that someone won't sniff it out there. Sure, it's way more likely that someone is going to eavesdrop on your open wireless connection, but if you actually care about the security of the entire connection, you must use end-to-end, host-based encryption which is, as far as we know, very safe as long as you trust the server. Therefore wireless encryption is only useful to a) protect services that you want to allow open local access to but not internet access (like maybe windows file shares), b) stop people from leeching your bandwidth and c) provide an extra layer for a tiny portion of the journey between you and the bank website.
If there are good arguments against (real) layered security, I'd like to hear them. And btw, the use of the term "cynical" referred to the social stigma that has allowed mac filtering to survive, not any actual technology.