Other than the bandwidth wasteage, and the risk your unwanted riders are surfing kiddy porn etc. You can have so much fun with an unsecured access point.
You can attack/hack their machines and/or capture their private data.
You can run a proxy that does wacky things like invert every downloaded web-image to upside down, fuzzy, or replace them with pornographic, random, or disgusting imagery. Or route through a proxy that that does word/phrase replacing etc. or simply re-route certain URL's to ones of your choosing, being as blatant or diabolically subtle and evil as you want
And of course many people simply don't know which wireless access point they're on.
And a few years back I found so many unsecured access points on my street, I was about to walk up and down the street with my laptop and start ringing on doorbells teaching people what to do. I first thought to look for them when I found I was on a neighbors network when trying to diagnose very poor performance. The reason being I was catching a signal from several houses away.
Then over the course of a year, they all went secured. And this was before AT&T U-Verse came into the neighborhood. Time Warner wasn't giving out Wireless routers/access points AFAIK. At least they never offered me one. So at least on my street, people began to figure it out after a few years.
I'm surprised how few open WLANs I see in Virginia. From my house, as I type, I can see 9 other networks (those are the ones broadcasting, there may be more). All are secured.
I personally use WPA2 w/AES. I don't broadcast my SSID and I have enabled MAC filtering.
Chris
I used to bother with MAC filtering, but with no SSID broadcast, and WPA2 and AES there's just no point. MAC address filtering is so easy to spoof it's virtually transparent. All it would do is keep an honest person from unintentionally connecting. And there's zero chance of that happening with SSID broadcast turned off, and WPA2 in the first place.
The only point I see to it now is to punish a family member or restrict their access when needed.