AirPlay is pretty awesome, but it still has its limits. Bigstream is a dongle that connects to your iDevice (iPhone, iPod Touch, iPad) coupled with a receiver that hooks up to the TV.
Of course, it's not perfect either. The dongle is a bit clunky, for one, and the first version to release (2011) will only support up to 480p video. The 1080p is scheduled for later that same year.
What's nice is that because it allows for Apps that allow output to a TV, there are quite a few apps (like Netflix) that can support it. Meaning that something like this, is a possibility.