Somewhat of a "scare-mongering" article. Refers purely to WEP.
But then we all know journos on THIS site, don't we!
Yes, WEP security is no longer much of a deterrent, as highlighted many times here on this forum. WPA (or better still WPA2) is necessary to be reasonably secure.
While anyone snooping the WEP-enabled network traffic could see packets from your computer to the access point, any such packets that are encrypted by IPSec (e.g. https) will still be encrypted, and nigh-on impossible to crack.
Also, providing that you have reasonable security on your PC (no open access), your PC and its data will also be reasonably impervious to snooping, even if the WEP key is broken.
But obviously it is much the best to implement WPA - and probably a wise investment to upgrade any wifi components that don't currently support it (OS, wifi cards and the wifi access point).
SD