There seems to be some state where the system will show an AirPlay icon, but it is unable to create a hardware accelerated (QuickSync) h264 encoding session. I assume this is what's going on when people's issue is described as AirPlay being enabled, but it's slow/low framerate etc.
I noticed this because I have a self-written application that uses the hardware encoder and it fails to create the encoding session even when the Displays control panel indicates AirPlay is available. There's also a video encoder application named 'MacX Video Converter Pro' that shows hardware encoder status and it indicated hardware encoding isn't available.
I'm going to keep working at this to see if I can figure out what's going on, but when doing your own debugging it may be worth keeping in mind that apparently the existence of the AirPlay icon may not mean the hardware encoder is working.
Edit: Ok, I've spent a bunch of time messing with stuff, here's what I've noticed/figured out.
I'm running an i7-4790k on a GA-Z97X-Gaming 3, EVGA GTX 970. There are no displays connected to the built in HD4600. Bios is set with Integrated Graphics enabled, 64M of memory and initial display is set to PCI-E slot 1. Using Clover to boot, running 10.11.4.
With no modifications the HD4600 is recognized and the system indicates that AirPlay is available. It does work, but it's basically terrible. Low framerate, high delay, can't keep up with fast motion on the screen.
Further digging into some diagnostics emitted by my application when it tries to enable the hardware encoder lead me to one thing: The underlying OSX libraries for using the hardware encoder expect to see 'IGPU' in the IORegistry. Without this they fail. I dumped my DSDT with clover and discovered there is no IGPU device defined in it.
Using one of toleda's SSDT patches he linked to someone earlier in this thread (I believe it was named something like ssdt_hdmi-hd4600+_AirPlay), I put it in the clover 'patches' directory and rebooted. H264 hardware encoder now works, AirPlay is as good as on real apple hardware.
I guess the takeaway from this is that even if you get the AirPlay icon in the menu bar, you may not have full AirPlay functionality. Check your IORegistry for the IGPU entry, if it doesn't exist patch your DSDT/SSDT.
One curious side effect of this is that previously I had to disable the IGPU in the Bios otherwise trying to play the Beats 1 channel in iTunes would hard freeze the system. Now it no longer freezes the system, it simply doesn't properly play. Acts like it loads, but no audio or album art/song info appears. I guess that's a bit of 'progress' on that issue...