For those users saying this is not a Wi-Fi issue, well I agree in the traditional sense. I'm not computer expert but what if the source of the problems is merely some stupid permissions thing or leftover settings in a cache somewhere. Going back may years when a lot of users had syncing issues between apple tv and itunes, it turned out that a lot of issues were fixed by repairing permissions (which we didn't know were even broken) and clearing out old caches (probably not going to fix anything but ****, why not). Here a little known program called AppleJack (not the breakfast cereal) that was used by many to fix the problem. If you dare, install and run: http://download.cnet.com/AppleJack/3000-2094_4-40293.html?tag=mncol;1
If you're firewall is on, check advanced and make sure you have iTunes set to allow incoming communications. Point being make sure you don't have any permission based software like a firewall program running (or installed at this point of debugging). Strip it off teh computer and remove it as a possible source of the problem. We're looking to simply teh connection between iTunes and ATV2 as much as possible and firewalls can mess with communication of files and packets of data in weird unpredictable ways. If it's not the problem, you can always reinstall or re-enable it later.
As a last ditch effort, I might consider turning off home sharing and resetting the Apple TV then starting fresh.
As always, the more details you can provide of you configuration, the better. The solution may be fixed one way for MAC OSX users but could not work the same way if running under a version of Windows. See comments from user TOPMANPAF in this thread: https://discussions.apple.com/thread/3507281?start=15&tstart=0
Also, just to re-iterate (for anyusers that have come in mid-thread) user DGANDE wrote " ... ITunes wireless Sync uses the same ports as Home Share and that wireless sync would lock up the ports and not give Home Share Access. He suggested turning off wireless sync on iTunes and the devices that connect to it, and "Bam" Home Share started working."
Anyone want to create a checklist for users to help with debugging? Volunteers?