I don't know if there is much more for me to say other than to watch this video. It's Airplay mirroring in the forth coming iOS 5.
What you'll see is whatever shows up on the iPad is displayed on the TV via the Apple TV module.
Whatever you want to do with it, it works. Presentation? Sure. Watching videos? Definitely. Gaming? Of course.
This folks, is the future of the gaming console and set-top box all in one.
I can't wait until I get my ones on it.