I have found a Cisco document (FAQ-Wireless-Security.pdf) with the following statement:
Q. Why does MAC authentication not work with Wi−Fi Protected Access
(WPA) in Cisco IOS Software Release 12.3(8)JA2?
A. The only level of security for MAC authentication is to check the MAC address of the
client against a list of permitted MAC addresses. This is considered very weak. In earlier
Cisco IOS Software releases, you could configure MAC authentication and WPA to encrypt
the information. But because WPA itself has a MAC address that checks, Cisco decided not
to allow this type of configuration in later Cisco IOS Software releases and decided only to
improve security features.
Regards,
John