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According to a paper by security expert Robert Moskowitz, the new WPA security scheme designed to protect 802.11 wireless networks has a fundamental flaw. The problem isnt with the scheme itself, but with how keys are exchanged.
Using a Pre-Shared Key (PSK) scheme — as opposed to 802.1X — can leave a network wide open in certain situations. The PSK is similar to a WEP key, in that it is a single of bytes unique across an entire SSID.
You can read the full analysis at WiFi News, and a detailed discussion of the issue at Slashdot.