With that in mind, I maintain that this stuff is very very far from perfect.
I feel like the problem is a very large number of rough edges and software bugs, hardware issues, etc. But it's so possible to stream over the local network with zero noticeable latency. Only if all the stars align and there are no bugs.
The chroma encoding is a little disappointing, but I don't think there's any way to bypass it, even at 1080p.