I honestly do not have much expirience with wireless networks. I can set up a WEP, get computers to use it, and get mac filtering setup.
Personally : i use a lower encryption + mac filtering at home. I figure the main idea there is just to make sure people stay off our network (ie neighbors).
At my current place, it's a townhouse in apartment areas. Everyone is renting, relatively young, yada yada. The main purpose is just to keep all the college kids nearby from leaching our internet off their laptops.
Our router is old so WEP is the best we can do.
I figure if someone really wanted to get data/onto our network, the 64bit wep and the 128bit wep wouldn't contribute that much of a difference. But i'm not very strongly opinionated about the issue : I just wrote down the heinously long 128bit and got my laptop and desktop setup. Though when i format sometimes i wanna pull out my hair, but this issue has been solved by saving the wep as a text file onto my non format partition.