Important note: This also means that you cannot release any updates that support the iPhone 3G (iOS 4.2.1), since you cannot compile for both, iPhone 5 and 3G. iPhone 5 requires Xcode 4.6, which doesn't allow to build apps for iOS < 4.3.
Apple isn't good about keeping its build tools compatible with older editions of OS/X or of IOS. It's a little tough for them since their systems are built to last for so long with better hardware components.
If it weren't for that irony, the iP5 requirement probably would have gone into effect the day the iP5 was released.