In my experience( and my ex girlfriend's father who played for Yes and currently plays in Yoso), cheaper wireless systems kill guitar tone. I am not sure of the exact price range of a good one, but I can tell you it is definitely above the 500 USD range. I bought one and was entirely unhappy with it. If you are like me and tone matters a great deal, then this may not be the best option(it certainly isn't the most affordable).
Check out the Snap Jack by ZZYZX before you set out on finding the right wireless unit. It has a magnetic lead so you can not only switch between instruments easily, but so if you do have a situation like CathShadow, it just disconnects, rather than damaging your guitar/input jack.
Hope this helped.
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This post has been edited by Nihilist1: Sep 2 2011, 08:03 PM