In this specific case the quality is bad, operation is unreliable, and the price is high. Consumer devices accept HDMI as input. Serial to parallel video (Lightning to HDMI) is tough without some heavy-duty hardware -- hence the exorbitant cost of these adapters.
The SoC design introduces a massive amount of complexity. This has yielded unreliable operation. And it introduces that complexity at a point of physical vulnerability -- people don't treat adapter like tiny fragile computers. They treat them like, well, adapters.
End-to-end serial communications would be nice, but that's not the world we live in.
Lightning isn't that much smaller than HDMI or Micro-HDMI. Reversibility is a very minor feature, and not worth the price being paid.
And that's not a $30 adapter. It's a $50 adapter. Did you think it was $30? That was the old one -- parallel to parallel.