Why does the content being streamed go through the internet?? Why not just stream it from ones Mac or PC directly to the Apple TV like a bluetooth keyboard or mouse does between itself and your Mac?
Airplay has an edge over Bluetooth.
1. Ethernet and wifi are the two ways to send the Airplay signal. These offer more bandwidth than the current versions of Bluetooth. There have been advances in Bluetooth, but it has remained behind wifi and Ethernet for several years. Remember Airplay has been around for quite a while.
2. The wider range of wifi. With wifi, you can set up a signal and expand it throughout your house and even to you backyard. If you have a multizone receiver, you can run speakers to your patio or to a separate room. From that area you can use a Airplay from 100 feet away if your wifi signal extends that far (you can also setup a repeater to expand coverage if needed). With Bluetooth, you are usually only able to control it from a nearby location.
3. Airplay is always on. What I mean by that is that when you start playing music on your iPhone, you will automatically see all Airplay devices on your network. With Bluetooth, you may have to go into settings to connect to the device. I have several Bluetooth speakers and the only device that automatically connects is my car. Apple could make it easier to get to the Bluetooth device selections, but it is currently buried in settings. iOS7 has added Siri control to get to Bluetooth settings, but it is still a few extra steps.
4. With Airplay, I can select my Denon receiver (that has Airplay built in)and it will turn it on and change the receiver's to the correct output signal and start playing automatically. I am not aware of a Bluetooth receiver that can do this.
The main upside to Bluetooth is that you don't need wifi or Ethernet for it to work. I would expect Apple to add more options for Bluetooth in newer AppleTVs for this reason, but I doubt that they would get rid of the flexibility that Airplay offers unless Bluetooth continues to make large strides.