If you are using NAT on your Airport Extreme (mine is 802.11n gigabit) or TimeCapsule, but serving DHCP from another source (ex. Mac OS X Server), firmware update 7.5.2 kills this functionality. Wired devices still seem to receive DHCP reservations, but wireless clients do not. Downgrading to firmware 7.4.2 solves the issue.
Tod's Blog
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