Netgear MA301/401 and Encryption

[Price Technology]

As promised, I have installed the MA301/MA401 wireless card in my
freshly installed FC2 box and it is working famously.  (using it right
now in fact)

The only thing I haven't set up is encryption.  I am using MAC address
access control, not broadcasting the SSID, etc. even switched away from
the default channel 11.

While I have set up encryption at all my customer's sites where the
Netgear MR814 in deployed, and had planned to do it here, I got curious.

Considering the other safeguards I've deployed, how important is
encryption??  Opinions please.

Thanks

Joebewan