After what seemed like an interminable wait, I finally got my OTA Android update to Lollipop 5.0.1 for my 2013 Nexus 7 tablet. Now, there were some reported issues with the 2012 Nexus 7 and the original Lollipop release (5.0), but honesty I have had no issues at all. Video playback is fine (unlike some reports), some things actually seem a bit faster. Boot time seems slower though, but this sort of device is not actually rebooted that often, so...
Now bear in mind, my device is pretty much bog standard; default launcher, no encryption, only a few additional apps, etc. - so your mileage may vary. In general, I like the update and I will be interested to see if I run into any issues with battery life or anything like that.
My only very small gripe so far is the design change of the three navigation buttons (below) - it now looks like the symbols for stop, play and record on ye olde cassette recorder. Whatever. Other than that - seems good so far after a few days.