Why would you need this for a straight on connector you ask? Well it seems that Apple is not providing a hard HDMI connection but rather "streaming" the video along the cable. It appears to be sampling the output HDMI, compressing the video then passing it along the cable. One of the initial red flags was the maximum output of 1680 rather than 1920 video. The result is poor quality, choppy video, slow response, and lag time. Apple specs read "up to 1080p" output, but with the Lightning Connector, that's not possible. This looks like a whole lot more expensive and convoluted way than just adding another PIN for HDMI output.
Many questioned the necessity of a new connector, rendering so many accessories obsolete. At least the older 30-pin connector was capable of sending 1080p video. It appears that in Apple's quest for maximum profits, they have forgotten their mantra of providing the consumer with the maximum best experience. At almost $50 for an HDMI cable that doesn't even provide that, we are beginning to see where Apple's priorities really lie.
Via Panic Software