Yeah, I've noticed that Airscreen has major issues, even with videos as small as 500mb. My advice (just as I always advise software devs), stop adding features until the ones you created actually work properly. This pretty much blows the app out of the water for me. It's official, there is 0% chance of my running a movie locally with a friend on my Wifi and owning a Mac. I can try Bigscreen, but I'd have to buy a windows junk machine just for that?
When I (or friend) watches a movie from my Airscreen, and we skip through the time markers, it automatically goes out of sync by at least a minute or so. This is definitely a bug.