Craft with an X of Refined Iron to make 16, they'd share the model with Glass Panes. Possibly climbable. When given power electrocutes those that touch it. Would look a hell of a lot nicer than the current Iron Fence, and would support "cages" since it uses the same model as Glass Panes (http://www.minecraftwiki.net/i…/Glass_Pane_Thickness.png).
It'd be nice to surround a compound in a nice chain link fence that would keep out enemies and players alike, being able to light up the fence with an electrical charge, etc. would just add to the usefulness factor.