The Lightning connector looks like it could be swallowed by the the 30-pin dock connector.

Here we can clearly see the eight leads in the new Lightning connector.

While there hasn't been any official word on the pin-out for the Lightning connector, we can confidently say that two of them will be used for power and ground. As for the other six, well, that's anyone's guess.

Update: We now know what the pin-out of the Lightning connector is.

Apple claims that the Lightning connector is all digital. However, they also claim that the iPhone 5 supports analog audio-out and VGA video, indicating that there may be some kind of digital-to-analog conversion going on inside the cable.