I run my wifi LAN with SSID disabled, with an access list containing just the laptops that should have access, and with WPA/PSK/TKIP. Only the last bit actually does anything for security; the others just remove the open invitation to the neighbours and to anybody driving by with their wireless-enabled laptop on the car seat. There are no plausible attacks on WPA/PSK in the public domain.
Quite right - however, there is a serious 'human factors' problem with WPA/PSK. If you generate the key from a passphrase, as many people do, then if a hacker captures the handshake then they can use it offline to retrieve the key with an brute-force dictionary attack - i.e. they just go through the dictionary generating new passphrases until they find one that matches the data they captured. It's not efficient, but surprisingly effective:
$ ./cowpatty -r eap-test.dump -f dict -s somethingclever
coWPAtty 2.0 - WPA-PSK dictionary attack.
Collected all necessary data to mount crack against passphrase.
Loading words into memory, please be patient ... Done (10201 words).
Starting dictionary attack. Please be patient.
[1000] [2000] [3000] [4000]
The PSK is "family movie night".
The solution is simple - don't use real words. Chaning the passphrase to f4mily m0vie n1ght makes WPA/PSK effectively unbreakable, but for most people using a simple passphrase WPA/PSK offers less protection than simple 64-bit WEP.