The ASUS WAVI is wireless HDMI extender kit that will allow you to stream audio and video from the transmitter to receiver as though there was an HDMI cord between the two devices.   Legit Reviews had fun testing it out, the latency when you are within range is low enough that you can game over this device.  However they could not get their USB mouse and keyboard to work though the device which does limit the usefulness in some cases.  If you get too far away you will lose some fidelity, but as long as you are in range this is a great way to avoid wires running all over your living room.

"ASUS has launched and released what they are calling the world’s first wireless HDMI extender kit. What this is designed to do is take an existing audio video signal from your PC computer, and play on your HDMI-powered big-screen TV… Wirelessly. The Wireless Audio Video Interaction system – or WAVI – is designed not only to play your audio video content remotely, but via a two-way wireless USB, the WAVI will allow you to sit in your living room and control your PC as you pick the best video to show the family…"

Here are some more Systems articles from around the web:

HTPC