I was experiencing a similar problem. I was streaming from my 2012 iMac running Mountain Lion (10.8.3) to my 2012 Airport Express running firmware 7.6.3 via my Linksys E3200 Wireless-N router running firmware 1.0.04. At the time of writing, all of these are the latest versions of software/firmware. I would get horrendous stuttering going from iTunes via airplay. It also seemed to jack with the Linksys, causing it to be unresponsive and occasionally need to be rebooted.
Funny thing was, I could stream just fine from an iPhone or iPod Touch.
What finally seems to have solved it for me was to completely disable ipv6 on my Mac. After doing this, I haven't heard a stutter yet.
In order to disable ipv6 in OSX, you have to open a Terminal window (Applications -> Utilities -> Terminal) and issue the following command:
sudo networksetup -setv6off Wi-Fi
<enter your administrative pasword at the prompt>
There does not appear to be a way to do this from System Settings. After issuing this command, if you go to Network Settings -> Advanced for your wireless connection, you will see in the TCP/IP section that ipv6 is now listed as "Off", which was not an option presented previously.
I can't explain why this works, I just know that it worked for me.
Hope it helps.