This paper proposes a mathematical framework for comparing the performance of wireless networks based on the IEEE 802.11 standard, employing switched-beam, directional and adaptive antennas. The analysis adopts detailed models for the antenna system behavior and the propagation environment, taking into account multipath and interference. The purpose of this study is to determine the number of simultaneous communications that may be sustained by adopting advanced antenna systems, and to investigate, by analysis and simulation, the resulting performance improvements, in terms of throughput and packet delay. Both saturated and non-saturated traffic conditions are treated. Suitable 802.11 Medium Access Control (MAC) layer parameter settings, able to exploit smart and directional antenna capabilities for maximizing the throughput, are also discussed.