Lightning is a replacement for Apple's old and huge dock connector. You're probably thinking of Thunderbolt.
I first heard about Lightning just 2 days ago. I'm now confused between Thunderbolt and Lightning, and frustrated that I'll have to go learn about their differences.
And Thunderbolt is still the all-in-one replacement for all wired connections. So apparently the purpose behind the Thunderbolt connector subsumes the purpose behind the Lightning connector, yet the existence of Thunderbolt does not obviate Lightning's existence.
Sorry for the slow uptake, Galileo ;)