Lightning Adapter: Update
Just wanted to let everyone know that I just received my lightning adapter and all my iPhone 5 / iPod functionality is in-tact on my 2011 5 series. The only thing that you obviously cannot do is watch videos.
But in case there were others that are worried that they will no longer be able to control their iPod and/or iPhone (see track listings, song selection, control volume on steering wheel, charge, etc..) EVERY function works as normal, except for watching videos.
Note: unfortunately, my car was manufactured two months prior to BMW apps. As such, I cannot comment as to that functionality. But I'm certainly pleased that I can at least utilize the idrive functionality.
Thanks to everyone for your help and I apologize if my post is repetitive to what others may be posting.