A few comments to add:
I casually mentioned to my wife, a musician who's "into music, not gadgets!" an interest in the new iPhone 5, and she came unglued, mentioning the new port not being compatible with the old 30 pin connector, etc. Honestly, I didn't think she noticed these things, as she is an avowed "anti-geek". Maybe because we just got her an new iPad recently, and bought the cables so it would hook up to her recording equipment (RME) so she could use it for practice...anyway, she is offended that the 60 bucks or so spent on the camera kit and (cheap) cables won't be compatible anymore.
Second comment: It does look like there is a DAC in the adapter Apple is selling. Even Apple calls it an "intelligent" adapter. How soon until someone makes one with a Wolfson DAC and better sounding design, and more ergo friendly (who wants a camera kit sized adapter sticking out of their phone?!) ? ALO? Fostex? Lighting to cable to small 1cm by 3cm plastic housing containing the DAC, to cable to 3.5 mm plug.
Last comment: Any speculation that next versions of the iPad (or rumored miniPad) are going to have the lightning connector? Just wondering...