On one of my systems I am enjoying a fully working network-manager system now! Even WPA2 is working perfectly. Oddly, though, on the other system I tested on I, like Michael, had no luck at all. I will test again on that system and will try upgrading the card's firmware as well since I know that the working one has a more recent firmware.
From the working system:
# hostap_diag wlan0
Host AP driver diagnostics information for 'wlan0'
NICID: id=0x800c v1.0.0 (PRISM II (2.5) PCMCIA (SST parallel flash))
PRIID: id=0x0015 v1.1.1
STAID: id=0x001f v1.8.0 (station firmware)
Will look at the other system in the morning if possible.