It's considerably more secure than an open wifi network.
Cue first FaceTime scandal in 3, 2...
“Only the call part is Vanilla SIP. The procedure for registering a Facetime user into their servers etc. is all non-SIP, encrypted/ciphered.”
edit: Although the identifying info from those screenshots is scrubbed, the comments say the R-URI is basically user@ip:port. This is interesting: there's no SIP proxy in between. No wonder it only works over wifi.
Unfortunately I see "Bandwidth Limit Exceeded" when I go to that page but your comment makes me wonder whether they are doing SIP URI discovery via DNS-SD[1] given their penchant for DNS-SD.
[1] http://tools.ietf.org/html/draft-lee-sip-dns-sd-uri-03 (ignore the stuff about mDNS and substitute Wide-area Bonjour)
“The voice call ends as soon as the FaceTime call connects... the FaceTime call is over Wi-Fi so does not use carrier minutes.”
http://www.packetstan.com/2010/07/special-look-face-time-par...