For Security, My Wi-Fi Access Point Relies On:

I use OpenVPN for authentication & encryption, you insensitive clod!
(because my rather old Access Point doesn't support WPA2)

Eh. Why bother? Anybody who is able to hack your WPA2 password will easily be able to change their MAC address to a valid one. They're already sniffing your network, after all. The upside is a false sense of added security, the downside is a false sense of added security and more work when setting up new wireless devices.

This is trivial to get around.

There is no such thing as "secure" or "guaranteed to keep unwanted hackers out" when you are on the internet. The entire point of internet security can be summed up as "make it enough of a pain in the ass for unauthorized people to get in that it's not worth their time, without making it just as hard for authorized people."

When you understand that, then adding MAC filtering to WEP or WPA2 does actually add security, as long as you aren't regularly needing to add new users and devices to your network.

I'm arbitrarily responding to you instead of one of the other folks who made the same point. When someone goes to the lengths to hack a WPA2 network, MAC spoofing just isn't any kind of issue. Hacking a WPA2 network is moderately complicated, anybody who is able to do it is also able to change their MAC adress. Worse, hacking the network is also moderately time-consuming, and if someone actually cracks the password, they're not going to want to throw away that work just because they need to change the MAC address: they've already done 98% of the work, they're not doing that again just to avoid the 20 seconds required to change their MAC. Chances are, they're modifying their MAC address anyway!

The "outrun you" argument really doesn't apply, because given two WPA2 networks, you don't know in advance which of them is going to require MAC spoofing, so that's not going to affect your evaluation which of them is easier to get into. Of course it works just fine when you've got WPA2 and your neighbours all run WEP, may god have mercy on their souls.