It will operate at N speeds, but in the 2.4GHz range only, so you'll be limited to 130 Mbs instead of the 300 Mbs possible with 5 GHz operation.
I have two AEX linked via WDS but am just about ready to throw them out the window. They are flakier in any one week than my previous LinkSys routers were in 3 years. It's constantly dropping my wireless connections from 2 MBPs and a Dell laptop, which is a big problem for me using a VPN because it doesn't like interrupted connections.
I may try resetting them to factory and starting over, but I'm not optimistic nor impressed. I regret spending all this money.
I don't think networking is a strong point for Apple.