AirPlay is effectively a rebranding of AirTunes and adds video/photo streaming. The AirTunes protocol, called RAOP (really just RTSP w/ encryption) remains mostly unchanged. Video streaming is a different animal. My understanding is that its basically push DAAP.
3rd-Party Software
Audio-Only
Airfoil
audio|acacia
Video+Audio
AirServer
For the sake of brevity and time, this list is non-exhaustive and I've only listed commercial software. I've personally noticed that some of the software products listedtouting AirPlay/AirTunes support don't follow the protocols exactly and results vary. I guess you get what you pay for.