I've been thinking of getting mine connected over ethernet. Then, you could do
* Wi-fi bridging -- use modern encryption standards.
* Telnet terminal -- Use modern software on your raspberry pi using a VT100 compatible terminal. The best of both worlds!
* Samba share/FTP -- share files between the machines, e.g. download some torrents on the pi and get them over to the pi easily.
* Play/stream mp3/ogg/flac music. Just mix the audio outputs together and control the player seamlessly using the terminal.
* If you have a genlock, use it as a video player similarly.