I can't argue with the fact that the small print was there to be found on the tech page, but sometimes that insignificant of a disclaimer is not approporiate.
The problem here is that AirPlay was not advertised as being a hardware feature. It was advertised as a software feature. If Apple had said, "Buy a new 2011 and up Mac and get access to AirPlay." that would have made sense. But that is not what they did. The said, "Buy Mountain Lion and an Apple TV, and get AirPlay."
So, that's what a lot of people did. I am one of those people. And I normally consider myself fairly tech-savvy, so I'm a little embarrassed that I missed that tech note, but maybe that's exactly the problem. If I could have missed it, then it's not surprise that a lot of others, who probably don't get into "tech stuff" would also miss it.
Not to mention that, when I bought my Apple TV, even the guys at the Apple store apparently didn't realize it would be limited to the newer models, because I told them I was choosing ATV over the competion, soley for the AirPlay feature. I would have rather had a device that would run Hulu Plus (which I know ATV now does, but earlier this year when I purchased mine, it did not). But Airplay was important enough to me, that I chose ATV just for that feature. And the guys at the store knew what machines I owned, and said nothing about them not being compatible. They asked what machines I had, checked the compatibility specs (which don't mention AirPlay - only what machines ML will function on, which included mine). So yeah, I was pretty ticked off when ML came out, I bought it, and THEN found out AirPlay was a no-go.
I don't agree with all the silly comments about "Apple fix this!" and "Obviously the machine can do it, if AirParrot works!", etc. I understand the reality of the x264 situation and why. However, the problem is not that people don't read the specs. The problem is that you have to know your audience and you have to advertise appropriately. It is not acceptible to tout a big new feature, and advertise it soley as a software advancement, and not take extra pains to make certain your customers understand that it is even more so a hardware advancement.
What if Adobe had released Photoshop and advertised all the great photo editing tools, and then in a little footnote that appeared on only some of the web-pages about the product -- called out only by a tiny, sub-script, light gray number at the end of one line of text, led to fine print that disqualified the abilty to color correct on the majority of machines in use today? It sounds riduculous, but that's a similar scenario. A lot of people would be very angry (and, I suppose, few tech geeks would sanctimoniously preach about how they saw the little tech note, so everyone else must be foolish).
That's pretty much where we are. Yes, the information was there, but, in my opinion, it was not appropriately disseminated to the purchasers. End of the world? No, but plenty frustrating, and for good reason.