I have used it for years with good results. It MUST, howver, be setup carefully or it will fail properly.
As you say, it is not the most secure thing around, but it will offer protection and user identification for all but the most serious attempts to penetrate. Is a useful tool for managing who can do what, rather than looking the data away from the non users.
network security can also be used to restrict access to the files to those who are entitled to be there (assuming PCs aren't left logged on and unlocked.
Kelvin