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WiFi security is primarily based on two aspects - confidentiality and access control. Both of those are out the door when you are offering a public access point. You have no access control since its public (sort of defeats the purpose); and confidentiality is provided through encrypting the traffic using a secret key. Well, that key isn't very secret now since you need to provide it to all that wants to use the access point.
So bottom line, public access points have zero security. I would say that public Ap's are only good for general surfing - no personal business. But that's also subjective to each person. Some people would have no problems giving out their social security number over the phone at the coffee bar, while others wouldn't feel comfortable giving out their phone number.
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