It only does 5.1 channel audio unlike HP's version, but it gives you four times the distance. Of course, it's also $200 more.
Is wireless streaming season a thing? If it is then we're right smack dab in the middle of it. Both HP and iOGEAR have released new PC to TV streamers with differing capabilities.
The iOGEAR GW3DKIT is 3D capable and can send 1080p video to your TV with a simple sender/receiver arrangement. It can only do 5.1 channel audio, unlike HP's Wireless TV Connect which can handle 7.1.
The advantage of the GW3DKIT is that thanks to the use of the 5GHz wireless spectrum you'll be able to get 100 feet out of it instead of the 25-30 that HP promises. It's priced at $379 which is $200 higher than its competitor, but a room or two worth of range might be worth it to the right person.