But I don't know if it uses the same protocol, that it is the same lossless transport etc, or if they're just tricking an AppleTV into thinking Android is a "real" airplay source. I just tried it playing a movie for a few minutes from my Transformer and it seemed to work okay.
I just looked at the site they mention it doesn't work with Airport Express which is what I use to stream audio from my Mac's iTunes library to my Denon HT receiver. So something is amiss but obviously they are working on that kind of support.
Airsync does it, so there are probably other apps in the Play Store doing it too, maybe with even better support.