Yes, I'm perfectly happy keeping my Note 4 on KitKat for the rest of its life and will look for a newer version of Android on a future device (ex. Note 5 or 6).
Did the same thing with my old Note 2 (froze it on Jelly Bean. Still works great!). From my experience, I've found the original release software a device comes with tends to be the most stable and reliable as it's had time to mature with Google releasing numerous iterations with bug fixes and the OEM has also had the most time to fully test that latest build to work well with the design of the device.
Also change for the sake of change isn't good either, which is what Lollipop seems to be more about than anything else. Good examples of this are the new mute and notification systems and the new predictive battery graph. These are over-engineered changes that don't fix anything (nothing wrong with prior functionality) and actually create issues where previously there were none.