I thought the OP was asking that,
assuming once someone had got onto the network...........could they feely browse PC contents?
No-one's mentioned the $admin share? This has been disabled on Win7, iirc, but the many XP users still need to disable it themselves.
The thing you need to consider, is that if someone wishes to do so, once on the network, there are myriad tools available to dump a command prompt of connected PC's at their disposal. They aren't going to be relying on "Network Neighbourhood" to display just designated shared folders.
So, the answer really, is yes.
But, I think the point most people are trying to make is that security is subjective.
The level of security required is related to what you're trying to protect.
Most "skiddies" are looking for easy pickings (open, WEP, etc) to "play" with, to show their prowess

Home users are perfectly safe behind WPA/WPA2. In all honesty, what do you have that is worth someone spending more than 10-20mins getting at? free wifi? Whooo! They have that at McD's don't they?
