That means Apple will do away with the 30-pin dock connector that's been the standard since the first iPod launched almost 11 years ago.
That also means all the accessories, chargers, adapters, docks, and other goodies you've collected over the years for your iDevices won't work with the new iPhone.
We're sure Apple will have some sort of adapter to connect your new iPhone to older accessories and chargers, but don't expect it to come included. For example, Apple sells an adapter for the MagSafe 2 adapter for newer MacBooks for $9.99. Expect the adapter for old iPhone chargers to cost at least that much.
Is that annoying? Yes, but look at the upside.
The new dock connector standard for iOS devices means it'll be able to make gadgets that are thinner, lighter, and have more room inside for advanced hardware. And it's likely Apple will keep that dock connector standard for several more years.