AirPort Express is still N, and is fit only for AirPlay and fast Ethernet-only 
routing, or in some cases, for use as an Ethernet extender.  Given that, with 
the right setup, a third-generation AppleTV now costs less to do a whole bunch 
of things including audio and video AirPlay, even this role is being severely 
challenged.  If I were living on my own in a small flat with no or low-demand 
Wi-Fi devices and cable connectivity that never exceeded 100 Mb/s, though, it’d 
be just dandy! :)

Time Capsule and AirPort Extreme are both AC and both do storage.  The 
difference is that the Extreme only does storage over its USB port.  (Formerly, 
the Extreme did not support Time Machine, but it now does.)

The essential difference between both the Extreme and Time Capsule and Express 
is that the latter supports AirPlay but not disks, and the former two support 
disks but not AirPlay.  Express has Fast Ethernet (100 Mb/s) and 802.11N Wi-Fi; 
the Extreme and Time Capsule are both gigabit Ethernet and 802.11AC.  The 
Express has two gigabit ports; the Extreme and Time Capsule have four.  This 
includes the port used for your external connectivity.  All of these products 
include a NAT and IPv6 Ethernet router (IP routing or PPPoE) and dual-band 
Wireless Access Point function, which you typically use together (enabling the 
guest network function), but you can choose to use them separately.  All three 
can connect to existing Wi-Fi networks as mere clients, which kills the 
Ethernet ports, and extend WDS Wi-Fi networks, which doesn’t.

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