If you don't like the idea of only using RC2/40bit you can always recompile the php_openssl extension. Simply search through the extensions openssl.c source file for the EVP_rc2_40_cbc() call, which selects this cipher. Replace the call to select another better cipher such as EVP_rc2_cbc() (RC2/128bit) or EVP_des_ede3_cbc() (triple-DES).
I patched the source to allow the selection of cipher as an extra parameter, but got the latest source from CVS to submit a patch and it appears the work has already been done, so looks like we will see this feature in pretty soon.
Richard.