can see how a more robust feature set would be useful in a full blown wireless router config like the Linksys WRT, but what about just running the micro version like my Linksys WAP54G v3.1 access point ?
Almost all of those "useful" features in DD-WRT are on the router side of the puzzel. The WAP54G v3.1 is an access point, which lacks a router section. About all you'll get are the basic wireless settings, some additions to encryption, and some alternative authentication schemes. It works, I've tried it, but features wasn't what I was looking for. It was that the WAP54G v3.1 has a few problems. I was getting lockups and hangs every few days. It also won't do WPA encryption between two WAP54G boxes in bridge mode. There was also a bug that prevented accessing the admin IP adress from the other side of the bridge. DD-WRT fixed most everything. However, the hangs are still there, but far less frequent.