Easy-to-use component stereo?

With WiFi and Howl, would it be possible
to have a component stereo system without any cables at all?  (Except the power
cables, of course.)  Each device could detect the others and intelligently hook
up via wireless.  Sure, quality would probably suffer, but you know what? 
I record my TiVo shows at the lowest quality setting – I’m no connoisseur.