Apple have now clarified :
The Lightning to 30-pin adapter supports analog audio output, USB audio, as well as syncing and charging, but does not support video output.
Therefore it will work fine with current and older BMW ipod interfaces (both MULF and Combox).
Since video output is not supported, this adapter will not work with Ipod Out. Therefore for all the folks that retrofitted Combox with iPod out, and didn't go for the cradle (there was a clever way of doing this through 3rd party vendors) ... you're be out of luck (for now at least).
For cradle users ... don't worry, a new cradle will be on the way for the Iphone 5. Expect it in Summer 2013 ... knowing how BMW are. Quite frankly, BMW need to just drop the whole notion of cradle. It provides so little value, its not worth the effort.