Wired Equivalency Protocol
Your description is pretty much on the mark. WEP was never intended to provide any more security than your average wired TCP network. It's just a "basic security" step that is better than just being wide-open.
Anybody read that 2-part feature on WEP cracking at tomshardware, as of late? I got lost ultimately, but I guess it is fairly easy for those who live, breath, and eat computer stuff. I'm not going to be "alarmist" and tell everybody to batten down the hatches if they are using WEP. It's still better than nothing at all for your Joe shmoe home network. Just realize, that if someone
really wants to get in (if not for the waste in their own time for bothering), there is a relatively simple, systematic way to do it using tools that can be readily downloaded (as they are literally referenced in the Tom article). It's not really that different than your car door. You can lock it to stop casual passersby, but it's not going to stop someone that "really" wants to get in. We've all learned to live with that, as well, so just think of WEP like that.
I just got around to switching my own AP to WPA encryption....and it was quite painless than I was expecting. I'm surprised more people don't just do it from the start.
I only did it because my laptop "lost track" of my existing WEP code, so I was "locked out" as it were (ironic, eh? WEP was doing its job well enough against me
). So it was either a reboot (which would make the WEP code available, once again), or I could just take this as an opportunity to reconfigure my security (from a second computer physically wired to the network) and manually enter in the new password. Worked like a friggen snap! [imagines the coders who made my AP proclaiming, "Just how damn easy DO we got to make this so people get their WPA running???"] I gratefully send them my gratuity for making it as easy as typing a word in a box and hitting "save" on a webform.