Wireless technology isn't yet fast or reliable enough for streaming high-definition content around a network, according to Kamil Gurgen, Channel Platform Manager for Intel Australia. He recommends that people stick to using wired networks.
Though Intel's Viiv standard and forthcoming Windows Vista both have the ability to stream audio and video content from compatible PC to other devices, the 802.11g specification (the fastest standard wireless protocol currently available) is not always up to the job of streaming HD.
It's fairly obvious that HD content requires a lot more bandwidth than standard-def audio and video. Microsoft did a demonstration of a Vista PC streaming 5 different 1080i/p media files to different Xbox 360 extenders. Over a wired Gigabit (1000Mbps) network the network load fluctuated between 20-25Mbps, and though that's within the 54Mbps theoretical maximum speed of 802.11g, it was pointed out that the relative inefficiency of a wireless network would probably cause it to "top out around 22Mbps".
Streaming 5 HD channels at once may seem like overkill, but it's not hard to imagine a household where there are several people watching different shows or gaming at the same time.
Of course, manufacturers are probably hoping that this won't be an issue with the new, faster 802.11n - so much so that many are releasing pre-standard devices. There's certainly a lot riding on the ability of wireless networks to carry high-definition content.

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