Speaking from experience, you should keep your expectations in check.
I found latency pretty acceptable and framerates ok. Image quality however was utterly dreadful. That's with everything ethernetted, so I can't imagine wifi being up to much.
I've everything on ethernet, the first few games looked fine. I'll boot up skyrim once another keyboard and mouse come from amazon and I get a day off.
I just got a steam link so I can game on the new big tv.