Wouldn't AirPlay at 1080 be heavily handicapped or be impossible by the lack of most wifi network bandwidth?
I don't know about Airplay mirroring. But Apple has already stated that the Airplay Mirroring in OS X Mountain Lion will be limited to 720p, so maybe the answer to your question is yes (for mirroring), and Apple has recognized this and pre-imposed a resolution limit for mirroring.
As for streaming movies to a 1080p ATV through iTunes, I'd think the 1080p wouldn't be an inherent problem, rather it's the bit-rate that is going to matter. It's possible to have a 1080p resolution video that has a lower-than-bluray bit rate.
I do know that I have a lot of 1080p home video from my Canon DSLR camera, and I can simply drag the 1080p file into iTunes and the video becomes available as a thumbnail on my ATV. HOWEVER, usually my ATV starts caching that video file (while presumably also downconverting to 720p), and it almost always crashes and reboots the ATV. In order to get my 1080p DSLR videos to play, I have to downconvert them either to 720p or simply export from quicktime at a lower bit rate on my mac, and then drag the downconverted video into itunes. (Alternately I can export the video from iMovie at the 720p level.)
This is a big hassle, and I am definitely looking forward to a 1080p ATV so that I don't have to downconvert my home movies before watching them on the TV.