One of the more persistent rumors around the iPhone 5 was related to a smaller dock connector design. Apple has now revealed that its new iPhone 5 will include a smaller version of the typical 30-pin dock connector — breaking compatibility with existing first- and third-party accessories. The new connector, dubbed Lightning, is 80 percent smaller than the old design with an 8-pin connector that is reversible for easier use. Apple has a solution to combat the accessory woes though, the company is introducing a special adapter to convert existing dock connectors to the smaller design.

A Lightning to 30-pin adapter with 0.2 meters of cable will set you back $39, while a simple Lightning to 30-pin adapter will be $29 — both will be available in October. Apple is also introducing a Lightning to USB cable for $19 that ships within three business days.

Update: Note that Apple says the adapters don't support video-out or iPod-out.

Update 2: Apple is also shipping a Lightning to Micro USB adapter in Europe to honor the EU standards for a common mobile phone charger.