Compared to what? Cell phones? Regular phones? Eavesdropping on a phone
conversation nearby? And what security threats are your concern? If your
concern is someone eavesdropping on your phone conversations, then I would
say it is far more likely your phone conversations would be tapped via
either of those sources than by Skype. Of the other methods I mention, it's
arguably the least likely that someone would be in a position to eavesdrop
on your Skype transmissions or spend the time necessary to reconstruct the
data into sound. Tapping POTS / copper cable, cell phones or eavesdropping
around the corner is arguably more trivial to do.
If you need a totally secure voice communication protocol, none of the above
is what you want. If you want to know whether Skype is as secure as your
current modes of phone communication, I would say it probably is, whether or
not there are security vulnerabilities in the Skype software.