In my opinion, WEP is useless. I only use WPA with a strong key. That's also one of the reasons I have major issues with Verizon FIOS.
Verizon FIOS uses a router with a factory-set WEP key that was basically impossible to change to WPA, last time I checked. The router supported WPA. The difficulty was getting Verizon to give you the password to change the setting. This was a long time ago, however, so maybe they've changed their tune. I imagine enough tech-savvy customers have made anatomically impossible suggestions about where Verizon could stick their FIOS unless they provided the password, which usually helps get policies like that changed.
I maintain that WEP is useless because WEP codes can be cracked in 10 - 20 minutes by any geeky 12-year-old with a Linux laptop and an Intel-, Orinoco-, or Prism-based wireless adapter. I'm pretty sure there's software for Windows that can do it, as well. WPA with a good, strong key is much more secure.
It's often argued that a malicious individual, upon encountering a WEP-encrypted router, will probably look for an entirely unencrypted router to connect to rather than wasting the time cracking the WEP code. So if other routers in the neighborhood are unencrypted, these people argue that WEP is good enough.
I disagree.
Using WEP not only makes Internet leeching easier. It also makes the information on your computer more vulnerable, especially if you're on a network and your firewall is configured to allow all LAN computers past your firewall. Someone who is looking for information on your computers, rather than just a free Internet connection to leech off, will go through the minor inconvenience of cracking a WEP key. Minutes later, his computer will be part of your LAN, unless you're running a domain server or some other fairly-sophisticated network configuration, which is uncommon in home network situations.
That's why I only use WPA, with a strong key, regardless of the situation. It's not just about preventing your neighbors from leeching your Internet. It's also about protecting your data.
-Rich