Tipoo,
GREAT QUESTION...
In fact I did a study for an enterprise customer some time ago and this is what I found (going off memory)
First, most SOHO equipment (AP / CLIENTS) (product you get off the shelf at BestBuy) arent designed with high end processing chips. You also MUST consider its not just the router you need to consider. When your wireless client is sending frames, its must encry them and also decryp them when receiving them. So keep that in mind...
WEP - Very little security over head. Its a static RC4 key which can be 64 or 128 bit.
WPA/TKIP (PSK)- You have to remember there is the authenication and then encryption.
AUTHN-- It uses a 4 way handshake, this process itself should take no more then 100ms and in most cases like 20ms. After the 4 way handshake is complete it.
ENCRYP-- WPA retains the use of RC4 but adds features designed to address the deficiencies in the way that WEP uses the cipher.WPA lengthens the Initialisation Vector (IV) to 48 bits and the master key to 128 bits. Temporal Key Integrity Protocol (TKIP) generates different keys for each client and alters keys for each successive packet.
WPA2/AES (PSK) -- Again uses 4 way handshake. Same time as above. WPA2 uses the Counter Mode with Cipher Block Chaining Message Authentication Code Protocol (CCMP) protocol, based on the Advanced Encryption Standard (AES) algorithm for authentication and data encryption. TKIP greatly increases the difficulty of intercepting wireless traffic over WEP, but CCMP is more secure than the combination of RC4 and TKIP. Since CCMP requires more processor cycles than RC4, an upgrade to WPA2 may require replacement of APs or client wireless interfaces.