Welcome to Android Central! 5.0 has actually been working very well on my Nexus 5, but I have heard of others with issues, which is why 5.0.1 is about ready to roll out. Hopefully that will fix some of the performance issues you're seeing. In the meantime, have you tried wiping the system cache partition? This won't erase any personal data, although be aware that the process can take 5-10 minutes on a Nexus 5:
http://forums.androidcentral.com/nex...-recovery.html
You can see your local photos in a much more organized manner in the Photos app if you swipe in from the left, then select On Device. If you want to see your cloud photo albums, tap Albums.
I guess I don't see the call log issue being a major hassle. It gives an additional feature of seeing the details of the call. Updates often add features, which isn't necessarily making it simpler. One could say that making something simpler takes away features.
Music controls show up as long as you allow notifications in the lockscreen. If you make your Messaging "not sensitive," someone could see who sent you a message and the first few words, but they wouldn't be able to access the whole thing, assuming you have a screenlock set. You'd have to enter your password or PIN or pattern in order to unlock the phone and see the whole message.