AirPrint was supposed to be as revolutionary as AirPlay, allowing wireless printing to shared printers on a network. That part of the functionality appears to have been pulled at the last minute; multiple sources confirm that AirPrint does not function as was advertised a couple months back, even after applying the 10.6.5 update. Wireless printers with AirPrint functions built-in reportedly do work, but hardly any of those printers have been released yet. Hopefully Apple will sort out its AirPrint problems in a forthcoming update, because as it stands now, AirPrint functions fall far short of what we were promised.
via tuaw.com
This is very disappointing. I hope they can resolve whatever issues quickly and get AirPrint working like it was advertised.