It cracks me up how up in arms people are about the elimination of the 3.5mm plug. There are already developers designing Lightning version of their products. And another article just said they'll ship the new iPhone with either Lightning buds or BlueTooth buds. And yes, there will be plenty of low cost lightning to 3.5mm adapters out there. The trade off will be more space for battery in the phone and the speculation thus far is that it will be totally waterproof. The size of the jack may seem inconsequential from the outside, but there was a recent interview with Jonny Ive on 60 minutes which made it very clear that every micrometer of space of the iPhone is heavy exploited to jam in all that tech along with the battery. I'm sure they could use the extra room. If it didn't matter, they wouldn't have switched to Lighting from the 30 pin connector or changed from SIM to Micro SIM.
I'm all for moving forward with technology. It may be a slight annoyance initially, but that's progress. Frankly phono jack technology sucks. It's been around since the inception of the the telephone and leave a lot to be desired. That's why higher end "pro audio" gear employee more XLR connector and less 1/4". 1/4" connections get flaky faster and are more prone to breakage.