I don't think Airplay supports 24/192 (24/96 max?) and I think iPod's/iPad's are limited even more in what they support. As for your Marantz, what model is it? It should state in the manual max resolution via USB.
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Airplay doesn't support the high res stuff. I use it for my bedroom when I am getting ready. I have used my marantz 1604 I think it is (my BR receiver). It's handy and sounds ok for my TV system, but you need high resolution components and a separate DAC from what I've heard. I've even been thinking of keeping my Krell Stealth and using it in my Marantz system as I hate the say it does digital. I would at least get to run the TV and any external hard drive through it, lol. Just my humble opinion. Try it, but don't expect anything and you may love it.
"So the question is, should I go for the 24/192 download, or is that too high a resolution for either my ipod or for wifi? Will it play through my system?"
I would go for the best quality you can buy. Even if your current system doesn't support the resolution, chances are you'll upgrade sometime in the future. If your current system won't actually play the high rez files, you can always convert them to a format your gear will play.