Wireless indoor localization has generated recent research interest due to its numerous applications. This work investigates Wi-Fi based indoor localization using two variants of the fingerprinting approach. Specifically, we study the application of an artificial neural network (ANN) for implementing the fingerprinting approach and compare its localization performance with a probabilistic fingerprinting method that is based on maximum likelihood estimation (MLE) of the user location. We incorporate spatial correlation of fading into our investigations, which is often neglected in simulation studies and leads to erroneous location estimates. The localization performance is quantified in terms of accuracy, precision, robustness, and complexity. Multiple methods for handling the case of missing APs in online stage are investigated. Our results indicate that ANN-based fingerprinting outperforms the probabilistic approach for all performance metrics considered in this work.