Is it recommended to use Mac wifi sharing for long periods of time? I am going to be buying a MacBook Pro within the next few months (hopefully an updated version if it comes out) for university this autumn.

I am wondering, due to the Uni halls having only wired Internet, whether using the hotspot feature of the mac is appropriate for extended periods of time? This would be for the use of my iPhone and iPad which do not connect via Ethernet obviously. 

I know I could buy a wifi router but was just wondering as this method (via MacBook) would be cheaper and more portable.
The Internet Sharing "hotspot" feature does work well for this. However, it is WEP only and you are stuck with the default IP address range unless you do some hacking. I use an Airport Express and I find it's very convenient, supports "more" secure connections(WPA), and is configurable. It's also always available, never goes to sleep and never drains a battery. It can become a pain always having to have your MBP available for your iOS devices.  

Being in an University environment, I would want to use something a little more secure then WEP.

Also, you can adjusts the signal strength on the AE. Turn it down if you'd like it to just cover your room. Turn it up if there is a lot of other WIFI going on. I'm not sure what kind of range you'll get on the MBP and how many connections it will handle well.

The MBP will work in a pinch. I'd get a dedicated device to save yourself time, and hassle.