Well let's see a bit :
Airfoil execute the song on the client computer and transport the sound on the server
Aiport Express and Airtunes transport the audio file byte by byte every second and it's the airport which execute the sound.
Then with airfoil, the sound is played by the client audio card, and it sucks man, I wish there was a real audio transfer like a DLNA server which transfer every byte and then the audio card server runs it.
With airfoil it's normal to have delay, because voip is used, but with airport, tcp is used and let's see.... A MP3 or even an AAC sound is like 4 Mb at more, the network is about to (technicly not theoricly) 60 Mb / sec, so i guess that if you send the song split every second it'd like 500 Ko / sec, i think it's enough ^^
But right, with voip you need first to send the first second so yeah, there is delay, this is the case of MSN, but not iChat which record the sound, transfer it and plays it so you can have almost no delay.
If you don't use voip : first it's faster, second no delay (like 5-6 ms depend of network but even on internet u can have 11 ms), and finally the processor can breath ! And of course you can use the sound card of the server so technicly you can use it to record as well, but it's not a very good idea in a studio anyway
Oh yeah and without voip, you don't need any codecs as it's the server which plays it, only the server needs the codec.
Now you could test all of this by trying aiport, and then u'll tell me. I never used it but I know how it works and for sure Apple would never sell something as bad as airfoil
