This Apple article specifically states that you can't use a drive connected via Airport:
http://support.apple.com/kb/HT2038
I read the article posted by Linc Davis. I must admit it is open to some interpretation because of how it is worded, but I read it differently. It says: "Time Machine can’t back up to an external disk connected to an AirPort Extreme, or to an iPod, iDisk, or disk formatted for Windows."
He must be interpreting it to read "Time Machine can’t back up to an external disk connected to an AirPort Extreme disk formatted for Windows.", which might imply that it CAN be connected if it is formatted for Mac. But given all the other (and more specific) articles published by Apple and elsewhere on the subject, I don't think that is the correct interpretation.
This would be a VERY big deal if this was now supported by Apple, so I can't imagine that they just suddenly changed their minds and decided it was now supported without any announcement of new features and without it being part of any major software upgrade. It is more likely that the correct interpretation of that sentence is that those 4 items listed are to be read separately, as in:
"Time Machine can’t back up to an external disk connected to an AirPort Extreme."
"Time Machine can’t back up to an external disk connected to an iPod."
"Time Machine can’t back up to an external disk connected to an iDisk."
"Time Machine can’t back up to an external disk connected to a disk formatted for Windows."