Airplay is Apple's answer to Intel's Wireless HDMI
Steve Jobs demonstrated a cool new feature of the new Apple TV called AirPlay. With AirPlay you can stream music and video from your iPhone, iPad, and iPod touch, too. So if you feel like watching a movie you have on one of your devices, you don’t need to rent or buy it again. Just tap to start playing content on your iPhone, iPad, or iPod touch, then tap again to instantly stream whatever you’re watching or listening to directly to Apple TV.
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AirPlay support is coming soon to an iPhone, iPad, and iPod touch.
Intel and its partners have unveiled a similar feature called Wireless HDMI at the CES 2010. Core i5 equipped laptops can stream video to a HDTV connected to a Netgear Push2TV box. Now guess what this Netgear box is selling for. It sells for $99.99. The new Apple TV is really a dramatic bargain when considering what you get with it in regards to features at the same price. More details here.