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As far as I know the camera connection kit won't work with the iphone. Actually it's not so much that it can't work, but more that Apple don't allow it to. Might be able to get it to work with a jail broken phone but I don't think you can jail break the iphone 5 yet can you?
 
In theese reviews from gsmarena there is no word about jailbreak. For example :
Unless I’m wrong, iPhone 5 offers USB-OTG as well. Lightning cables to connect USB drives and microSD cards have been shown.

Not quite. The iPhone 5 does have the camera connection kit, which lets you import images from various storages, but that’s not full-featured USB.
 
Or for example this :
The Apple iPhone 5 might lack mass storage mode, but it has the other bases covered as well. The camera connection kit lets you download images from SD cards, thumb drives or even other memory formats if you have a card reader at hand. You don't get full access to the file system of the connected storage, just an import button, but that should do on most occasions.
Maybe i understand something wrong?
 
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