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Apparently Apple advertised correctly then. Its the first device of their's with MiMo architecture (Multiple Input, Multiple Output). They mentioned in the keynote to expect up to 2x speed with WiFi.
 
Also BD's max data rate spec is 48Mbps and usually averages in the low to mid 30Mbps (it's VBR).
But if you're streaming full Blu-ray without buffers like Netflix or YouTube, any packet drop will mean stutters when you're watching.

As you mentioned, though, it's more than enough for multiple YouTube or even Netflix streams.

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With the iPad 3, I got a max of 35-40Mbps.

With the iPad Air, I am seeing 148-152Mbps.
Now that is impressive. How far away from the router were you?

As a point of comparison, I get around 35-40Mbps on my iPad 3 and 70-80Mbps on my iPad 4 sitting a few feet away from the router.
 
Now that is impressive. How far away from the router were you?

As a point of comparison, I get around 35-40Mbps on my iPad 3 and 70-80Mbps on my iPad 4 sitting a few feet away from the router.
I'm probably 50 feet from my router (Netgear R7000).
 
All tests below were done with Speedy Net using the machines below in my signature. The router used is an AirPort Extreme 4th gen, max link speed is 300Mbps.

First I established a baseline, MacBook Air and Hackintosh both wired to the APE I saw many results in the 800Mbps - 850Mbps range.

These tests were performed over WiFi approximately 1ft from the router to the wired Hackintosh:

MBA around 140Mbps - 150Mbps.

iPad Air around 130Mbps - 140Mbps.

iPhone 5 around 50Mbps - 60Mbps

iPad 3 around 35Mbps.


These tests were performed over WiFi approximately 20ft (one room away) from the router to the wired Hackintosh:

MBA around 110Mbps

iPad Air around 60Mbps - 70mbps

iPhone 5 around 50Mbps - 60Mbps

iPad 3 around 35Mbps

I took more screenshots but I'm having trouble uploading more than one from my iPad.
 

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