Even with wireless encryption enabled, MAC addresses are sent unencrypted. The reason for this is that if you encrypted the MAC address, every client on the wireless network would need to decrypt every single packet, just to find out whether it was sent to them or not.
Imagine watching a Netflix movie on your laptop using your home wireless connection, with a smartphone in your pocket also connected to the wifi. Your phone would need to receive every packet containing the streaming movie, decrypt it, then discard it. This would consume a huge amount of CPU and battery for no real reason.
Since the MAC address in each packet is always unencrypted, it's trivial for any attacker to run a packet sniffer, get a list of all the MAC addresses communicating on the network, then impersonate one of them.
Security Now podcast #11 (MP3, transcript) covers MAC filtering as well as WEP, disabling SSID broadcasts, and other ineffective ways of securing a wireless network.