SImilar problem here, migrating from an old MacBook Air to a new one (directly, not via backup).
During the new Mac's initial setup, I followed all the steps properly as instructed (and made sure the original machine's Firewall was off). I tried both my main WiFi network and an ad hoc network, with Internet Sharing. (Ad hoc proved VERY finnicky to even get a connection. Miserable--it would work or it wouldn't, and I had no power over it: it would fail on the same config where it would succeed. A shame, because ad hoc would be the ideal, low-interference way to get the fastest WiFi transfer. And it's a method Apple's support site even suggests.)
No matter what I did, both machines just stuck at "Looking for other computers" forever. I spent hours trying to get it to work. I wasn't going to buy an ethernet adapter, nor a new external HD (with some third-party backup software as a workaround) just so I could power on my new Mac and have my stuff on it.
Eventually I gave up, installed without migrating, and then ran Migration Assistant after the fact. That DID connect OK (took about 1 hour per 10 GB and was done by morning).
But doing it that way was a mess: there was NO warning when I did the initial setup that I should not use my own name as the main account if I planned to migrate later. Who knew? I couldn't migrate after the fact because I had the same name on both machines. Well.... of course! Don't most people keep the same name? It's as though you're not expected to ever buy another Mac unless you're a newlywed woman. (None of which would be an issue if migration would happen during initial setup as it should.)
So I had to create a superfluous extra account with admin privileges, run Migration Assistant from there, replace the redundantly-named new account, and then find and delete the redundant account where it was stashed during migration. Lastly, I deleted the superfluous admin account as well. THREE accounts needed to be involved, for a process ANY Mac-to-Mac buyer will face. There was nothing special about my migration.
I don't think most users could even figure out all these steps.
A loyal Air user buying a new Air should not be such an incredible hassle. It "just doesn't work."