Cracking wireless networks

The security of wifi connections has been in and out of the news over the past few years as the integrity of the wifi encryption process has been progressively eroded. Wifi encryption is normally driven by the use of three flavours of passwords/passphrases – Wired Equivalent Privacy (WEP), Wifi Protected Access (WPA) and WPA2 – which use different methodologies to ensure (to differing degrees) the integrity of the wifi IP-based communications path. But all have come under attack, with tools available to intercept and crack authentication. Does this mean that wifi should now be considered insecure?