The main difference between WEP Open and WEP Shared is the actual conduct of the authentication. Shared does an actual authentication, open in contrast, automatically authenticate a client not regarding whether the client has the correct WEP keys. In WEP shared, the client would initiate a connection by making an authentication request from an access point, which would send a clear-text challenge.
The client would need to encrypt the clear text and send it back to an access point. The access point then would decrypt the message then compare it to the clear text it previously sent out. If they match, the authentication is successful, and the client is connected.
While, for WEP open, there is no need for challenge and any clear text. The client's request is automatically authenticated, and he is connected. The use of WEP open does not actually mean that anyone would be able to openly use the network.