ASUS quote a range of up to 100m in an open space with a line of sight, over four channels at 2.4GHz. While you may not have a line of sight in your living room, you will only need a range of 5-10 metres, which this card should be more than capable of.
BitTechNet also says : “The wireless statement is not strictly 100% the case as there still needs to be a wire connected to the TV-Out port, which has the wireless transmitter attached to it. However, the radio transmitter requires a line of sight with the receiver for it to function flawlessly.”
“And when they say TV-out it appears that they mean video only — so you’ll still need to tether your PC to your sound system which is likely right next to your TV anyway. For the time being, this will only appear on the ASUS mid-to-low end graphic solutions”, adds EnGadget.
More on Bit-Tech-Net
The article about it on Engagdget