WEP is just as useless as MAC address filtering. Chances are, that if a person knows to change their MAC address to match yours, that they also know how to get your WEP key (in about 20 min, maybe more, depending on the amount of traffic). WPA2 or the less resource intensive WPA is a good wireless security solution.
As for the question about a hardwired connection into the router; Usually the MAC address filtering is just for the wireless connections. So, anything that you hardwire to the router is given full access.
BTW all this being said I just use MAC filtering because so far it keeps the neighbours out. You can usually check your router's DHCP list to see if it has leased out any IP addresses to any other computers.
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