I can't make any promises as I have not seen the new device.
Sometimes devices work differently and if the iPhone 5 behaves in some manner that is different than what TimeLapse expects, a new version may be required. Barring these behavior differences, TimeLapse should automatically use the highest available photo resolution without requiring an update. For video generation, if the iPhone 5 supports higher resolution video creation (higher than 1080p) then a minor update would be required.
Thank you for using TimeLapse. It's great to hear you like it!