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The new nano SIM is shown here on the left, next to a regular SIM with a micro SIM cutout.
Based on the information currently available it seems that it will be possible to trim exisitng SIM cards to fit the iPhone 5.
Image source: iFun.
That new dock connector means a new USB cable ... and believe it or not, that's also appears to have been leaked. the cable came from USB cable makers Veister.
Image source: Veister.