LogMeIn Hamachi
Full user review
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"Version 2.1.0.166: Far from as good as it used to be."
Pros
Simple, easy to set up, easy to use. Can password networks and toggle manual approval for new joining members.
Cons
Speeds aren't that impressive for gaming, but it's one of the few free options. That said, 'free' is used loosely here, and possibly not for long. Networks used to be fully free before they were cut down to a max of 8 members for free. Recently cut to merely 5 members in a network.
Summary
The recent cutback in network size is very hampering, and screams nothing but "money-hungry". In the past, the lag and connection problems were minimal and often bearable.
Now I can no longer in good conscience recommend (or even mention) Hamachi for LAN party use, as it is likely not even qualified for most LAN party sizes.
Old Hamachi with unrestricted network sizes would have been 3.5 or even 4.0 stars from me. After the network sizes were cut down to eight maximum, I only found it to be worth a 3.0 star rating. With the new network sizes down to five members, I can't rate it higher than a 2.5 star rating.