I do hope you understand that in order for you to hear Audio files, the signal needs to be converted from a Digital into a Analog one. So, ' with the last analog thing gone' it means that you just do the conversion from digital to analog outside the phone - probably a dongle, powered by your all digital iPhone.
Oh, should have said 'almost all digital'. Because inside your phone you still have a converter from Digital to Analog to power your internal speaker.
Previously one of the strong selling points for the iPhone was the reasonably well built in DAC, ensuring a good sound quality.
Ok, then. For good sound quality I won't need an iPhone anymore if the external DAC takes over the part.
But why do I worry?! Phil will come on stage during the iPhone presentation and create a massive smoke screen with a new Audio HD Format Bla Bla Brainwash and everyone is happy. At least the average soccer mom, soldered RAM iMac customer.