Funnily enough I already did some tests on this issue.
My focus was not on the absolute quality of the Airport Express, but rather the effect of driving it by iTunes or by AirFoil.
My DEQ acting as DAC will read out the exact sampling rate of the signal feeding it. It doesn't just show the nearest common sample rate as many do. As such I noticed that when driving the Airport by AirFoil, the sample rate actually drifted from 44.0KHz to 44.2KHz during playback. However, when driven directly by iTunes it was bang on 44.1KHz. I was curious to see if this was introducing massive jitter or other problems.
This was done using a Windows software, but the same is true for the Mac version of AirFoil.
So here we have the analog outputs of my Modified DEQ2496 being recorded and analysed when fed with different signals.
First up, the analog output of my modified DEQ2496 when fed by a direct optical output from a soundcard. I used a Behrigner UCA202, and before people claim it's not a good enough benchmark for the test, the exact same performance is seen from my more expensive M-Audio Fast Track Ultra digital output.
Jitter can be seen as the two side band spikes wither side of the 1KHz input tone.
Next up, this is the analog output of the modified DEQ2496 when driven by the Airport Express. The software is iTunes, where the sameple rate always reads rock steady.
Finally, this is the analog output of the modified DEQ2496 when driven by the Airport Express, with AirFoil. I used Spotify playing a local file to drive AirFoil.
*Please note here that the harmonic levels have changed slightly because for some reason Spotify outputs signals -1dB lower than other software. I should have adjusted for it by reducing the level of the other software but I didn't expect to be publishing this test data. The jitter should still be the same regardless of signal level.
My conclusion was that the performance of each method is equal, and it doesn't matter if I use iTunes or AirFoil, or indeed the Airport Express rather than a direct optical connection. the DEQ2496 doesn't re-sample by the way, it locks on to the input signal so it won't be hiding jitter problems.