AC's comment makes a lot of sense.
This would meant that there's virtually no Digital/Analog conversion going on inside iOS devices with the exception of the audio DAC for the speaker and headphones/mic.
Analog video components are prompt to cause interference, take space as these require extra shielding.
I think it's a great idea. I want a Lighting to RS-232C cable to be able to configure routers.
It´s such a great idea that it is seriously questionable on many levels. Yes, it is very flexible, yes it is able to adapt to future 3rd party connectors/standards and it could adapt to almost every protocol, because it´s simply a bus that is not bound by such things.
What you get in return though is a product that is
not on par to even current technology needs (to be able to display unaltered images/videos/photos) on your TV, projector or otherwise.
From an engineering standpoint, you start at a base level and create a solution that is at least able to meet today´s requirements without too many sacrifices. Apple seems to
not have had quality at the top of their priority list, but design, flexibility and "future-proofness" for obvious marketing reasons.
They are not even able to transfer 1080p or better (the iPad is already at 2048x1536 resolution) without some serious video or image quality degredation TODAY.
The H.264 compressed 1080p video that is on your iPad is being re-encoded again by the iPad to be able deliver it over lightning to the adapter, which then decompresses an already compressed picture that was on your iPad again. The sheer dumbness of this approach is totally out of this world.
Now, the question is, why do they even need to introduce a 2nd encode/decode step, why even do this? Because bandwidth on lightning is not enough, the bus is already bandwidth constrained. It´s a serial bus that is already bandwidth constrained with even today´s requirements. And why? Because Apple wants one bus to use across all of their products and some coming products are going to be even smaller, thinner and lighter.
And if it´s that seriously bandwidth constrained, the quality can only get better if they reduce bandwidth needs further, which can only happen with the use e.x. of H.265/HEVC (which requires a lot less bandwidth to compress than H.264) does, but it will take at least 1-2 years for Apple to be able to include encoders for that.
And even that would still not be on par than a raw video or other picture data transfer. So much for future-proof.