Seems like it might be a good idea. I will definitely do it with my 2012 N7, but I am wondering if it is worth the effort to do it with my N5.
To offer my two cents as someone who flashed the OTA then decided to flash the entire factory image for 5.0. Yes, I would factory reset after the update (keyword being after). Once you have Lollipop on your phone, that's your OS, you won't go back to KitKat. When you update, let the phone spend a little time backing up (there is an improved backup in Lollipop I'll get to later). On the chance there are a couple of games or other apps you want to save the data for, I use a tool like Helium to backup without root.
Once you reset your phone and login like you normally do, Lollipop will now restore your apps and home screen setup that you had before the factory reset (only Play Store apps, not any Amazon App store ones). This saved me a ton of time when I flashed the factory image last night as all I had to do was let it run and it put everything back where it was. I restored the app data for a few apps I wanted and viola, my phone is running faster and more battery efficient than right after the OTA.
Side note (I always have these in my posts because I suck at staying on topic): I mentioned Helium before. I used this to back up my Textra app data and when I restored the data I noticed my entire SMS and MMS history came with it. This made me VERY happy as backing up SMS and MMS in KitKat was quite the tedious process (and I had mixed results at that).
Just did a factory reset. Google backup is the most useless dribble ever. It restored my apps and the folders it was in but every app I had to log into and configure again like I was launching it for the first time which wasted me over 2 hours. When I was using iOS I many times did a factory reset on my iPod Touch and iCloud backup restored my apps and my data like I was using the device before. The only thing of course I know I have to copy over is my music and photos.
I do notice that I have over a GB of extra storage and my apps which were over 3GB in size are now around about 2GB of size.
Just did a factory reset. Google backup is the most useless dribble ever. It restored my apps and the folders it was in but every app I had to log into and configure again like I was launching it for the first time which wasted me over 2 hours. When I was using iOS I many times did a factory reset on my iPod Touch and iCloud backup restored my apps and my data like I was using the device before. The only thing of course I know I have to copy over is my music and photos.
I do notice that I have over a GB of extra storage and my apps which were over 3GB in size are now around about 2GB of size.
How about a Cache Partition Wipe? Do I still need to do this if I am doing a Factory Reset? (After 5.0 OTA)
Yes, I would factory reset after the update (keyword being after).
Doing a factory reset after updating will encrypt the device, slowing it down. Here's the link: How to encrypt an Android 5.0 Lollipop device - CNET