It turns out that Qualcomm is integrating a combo WiFi/Bluetooth/FM chip to the Snapdragon S4 and other 28nm Snapdragon chips. The WiFi in that combo will be 802.11ac, which is a refinement of the 802.11n standard that runs only on the 5GHz spectrum band and not the extremely crowded 2.4GHz spectrum. This means WiFi data speeds up to a theoretical max of just under 500Mbps on a single link, but given the right setup, it could offer speeds much faster.
We'll have to see what kind of real world speeds it gets, and we'll likely get some demos at MWC.
source: Android Police