Another problem is you need to encrypt the traffic of your wireless network in order to protect it. Otherwise, even with MAC address filtering, anyone could simply intercept a packet, see the mac address, and spoof the mac address to gain access to your network. Then they could soak your bandwidth, hack your systems, spread malware, etc. Encryption and decryption processes also produce lag. Therefore, I don't recommend wireless for a permanent solution for constant LAN gaming.
Also, please realize there is a difference between throughput and latency, although one can effect the other. While even 11Mbps 802.11b is more than twice the throughput of even the fastest typical home broadband solutions, you also need to worry about latency, which is really what lag is. Encryption as I mentioned above shouldn't effect throughput much, but it will increase latency.
"...but in my defense, it was dark, I was drunk, and it was delicious!"