Ok,
So I figured out the culprit of the problem and I have the solution. I will tell you how my system is setup and hopefully everyone can have fun.
Problem:
Airplay cuts out when streaming over the 5GHz network from a MBP.
Culprit:
iTunes version 11.0.2
Solution:
Roll iTunes back to 11.0.1 and you will be fine. If you have a backup of your system (via Time Capsule or something similar) you're great, if not, locate a copy of 11.0.1 from somewhere and follow these steps. (IF YOU DON'T FEEL COMFORTABLE MUCKING ABOUT WITH YOUR SYSTEM, DON'T OR GET SOMEONE WHO IS)
1) Open Terminal and run:
sudo rm -rf /Applications/iTunes.app
This will delete the iTunes 11 application.
2) Locate your backup of your system with iTunes 11.0.1 (via timecapsule or other means)
3) Copy iTunes from there to your current Applications Folder.
4) Enjoy problem free streaming again.
My System Setup:
iTunes 11.0.1
MBP running Mountain Lion 10.8.2
Time Capsule and 3 Airplay Express all running v.7.6.3