I guess my question would be: What additional threat do you thing public wifi poses, as opposed to any other internet access? IMHO, you have to assume that any unencrypted traffic over the internet could be sniffed, etc. The only additional threats I can see would be threats against your PC directly, rather than your traffic. Am I wrong?
At my home and office you have to contend with WPA2-Enterprise (it's easy to set up at home, so I did). You'd need to get hard-wired access to my home, and pull some ARP trickery to sniff my last-mile infrastructure. We have 802.1x on the Ethernet ports at the office, so no dice there.
You're right, to a point. And the effective response is to make sure you're always protected as well as you can, instead of going into a "shields up!" situation only when your perceived risk is higher.