are you sure?
Surely the point of this is really for powerpoints and collaborative working in the office, where it sounds like a great idea if it needs no new hardware at the PC end. Not as sexy as the home market and takes time to get manufacturers integrating the right chips.
Your description as to how it works isn't really all that insightful, does it really just gab and encode everything that's on your screen in MPEG4 (not h.264 I guess as the latency wouldn't be fun) and then shuffle that over a wifi-esque network. That implementation sounds pretty dumb, at least Airplay basically just streams the encoded content to the device rather than displaying then re-encoding it (badly) and transmitting it.
20mbps at 1080p with a baseline MPEG4 compressor (i.e. low latency) isn't going to be terribly 'Full HD' IMO.