What's your take on spread spectrum? That bit-rotation thing on top of encyrption looks like it could be a bear to crack.
Spread spectrum is based on a frequency vs. time function utilized by the transmitter. It adds a layer of complexity, but it doesn't eliminate the threat of hostile eavesdroppers; especially when the hardware and software is commercially available to anyone who can afford it.
For my own part, I won't have anything to do with 802.11b or g. Even with SSID broadcast turned off, MAC filtering enabled, and WEP or WPA (which is strictly interim until 802.11i) enabled, it's only wired equivalency at best.