What streamer?

How is playing through AirPlay different from native support via WiFi?

Airplay streams at 16/44.1 so your ripped CD's will stream unmolested. Higher bit/sample rates will be down-sampled, which is only cause for concern if you have some high res you'd like to stream at its native rate.

No, airplay converts your 16/44.1 cd to apple lossless. Airplay is junk. 

@ymc226 has already ripped CD's to Apple lossless (ALAC) so there is no conversion. 

@ymc226 there isn't any issue with data being converted to ALAC for transmission, but there will be resampling if necessary like @melvinjames mentioned. The iPad or whatever you are using to send audio data to the receiving device is what is involved in the streaming work.

Native audio playback typically involves sending the actual audio file to the network streamer, which then decodes the original file and plays it back. Depending on where the audio file is coming from, the control device like your iPad may only be acting like a remote control and never touch the actual audio data. Slightly different in theory, but potentially the same in practice in your specific case.

It's not so much the audio data format that people have an issue with when it comes to AirPlay, but rather something else to do with the transmission protocol or device implementations that sometimes doesn't sound as good as playback back on the same device from a different source.

It could be that this is not an issue at all for the Cambridge Audio devices. But I've sometimes experienced it myself on some devices, and also have heard similar from people I trust to make informed judgements.

In any event, it does sound like AirPlay will work great for you, in which case there are lots of device options.