Reports on the net seem to indicate that AIrplay will work over any connection, including wired ethernet, wifi or bluetooth.

Should one not want to use bluetooth, but wifi instead, it would only take another small plug-sized device, an Airport Express. Just pre-configuring that and the machines would be enough to take it anywhere, plug it in and have an instant wifi network - no need for internet to communicate between devices of course.
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Bruno
Twisted Melon : Fine Mac OS Software