Airplay is far higher quality than AD2P, which is very lossy.
That is because in part bluetooth is slower than WiFi. It is also the case that Airplay is more than just streaming audio content. Airplay also transfers metadata about the stream and allows volume remote control. Airplay is also used to stream video. http://www.apple.com/ipad/features/airplay.html . So this is much more than what AD2P does.
However, in the subset mode of just pushing audio to a BT device they basically do the same thing. That's why they are grouped together at the control interface. If you want to run a subset of Airplay you still see it listed in the Airplay control. It is the logical place to group the presentation of the two functions.
There are two major parts to Bluetooth 4.0 (http://en.wikipedia.org/wiki/Bluetooth#Bluetooth_v4.0). One is the low energy mode. The other is a High Speed mode. BT "High Speed" is basically a point-to-point ad hoc WiFi connection (the normal BT channels used to negoiate the ad hoc network). Similar speeds as WiFi so not particularly surprising that a WiFi target codec would now work on BT 4.0. A completely separate mode is the Low Energy mode( http://en.wikipedia.org/wiki/Bluetooth_low_energy). In that mode, bandwidth is chopped down to below current BT data rates. That would not be good mode to stream high quality audio (much less video ) in: 0.26 Mb/s .
Also, if you have more than one Wifi point, you can often lose connection while the devices switch.
BT 4.0 isn't going to fix that. It is not a good "roaming" protocol. Unless the "player" and the "streamer" devices are both moving together at some point before WiFi distance limits the BT connection will drop out.
This may also mean a much lower power consumption for airplay.
Doubtful. In BT 4.0 High Speed mode it should be about the same as WiFi. In Low Speed mode it is doubtful that you are streaming anything. The Low Speed mode is a good mode when there is no streaming activity but the two device still need to maintain "are you still there?" connection.
Or a browse metadata connection. There may be some advanced power management where turn the WiFi off when not streaming and back on when engaged, but that would be the extent of lower power usage. When streaming was engaged it would likely go up; not down.
It's possible that you could have portable Airplay speakers and Airplay headphones with far higher quality and reliability than A2DP.
Only with bigger batteries for the increase in radio power.