MAC Filtering: The MAC address is just a 12 digit long HEX number that can be viewed in clear text with a sniffer. A sniffer to a hacker is like a hammer to a carpenter except the sniffer is free. Once the MAC address is seen in the clear, it takes about 10 seconds to cut-paste a legitimate MAC address in to the wireless Ethernet adapter settings and the whole scheme is defeated. MAC filtering is absolutely worthless since it is one of the easiest schemes to attack. The shocking thing is that so many large organizations still waste the time to implement these things. The bottom line is, MAC filtering takes the most effort to manage with zero ROI (return on investment) in terms of security gain.
WPA-PSK or bust, yo.