The best and cheapest way to get Airplay working in my experience is to buy the Apple Airport Express. For what it does it's pretty cheap (especially compared to 'hi-fi' stuff) and just works (although I have a Mac so it's easier!).
Frankly having to plug the iPod in would be a pain for me, I have an iPod Touch, and am currently listening to it on the sofa, through the hi-fi. Quality is excellent, and I have volume and track selection at my fingertips. Currently Katie Melua 'The House' is sounding pretty special - and that's off a 320kbps MP3!
If you add the cost of the Airport Express (£80), a T-amp (£30) and a couple of reasonable speakers (£150) you are still quids in from a swiss box, then if you also add a Behringer DAC (£115) you are still ahead but with a much better sound.
I'm sure the Geneva Lab's box is well made and looks good, but is hi-fi about the fashion or the sound?