As expected, Apple (AAPL) on Wednesday announced its new iPhone 5 with a smaller dock connector at a press event in San Francisco. The 9-pin Lightning dock replaces the company’s 30-pin connector, which has been featured in its iPods, iPads and iPhones since 2003. To ensure compatibility with old accessories Apple also announced a $29 adapter. The Cupertino-based company did not mention that the adapter does not support “video and iPod Out” functionality, however, meaning old speakers such as the iHome will not work with the iPhone 5. While some speakers will still be able to play music with an auxiliary jack, most high-end speaker docks will be rendered useless.