I took the non-OTA approach... First I copied my /sdcard to my PC via usb cable. Used Appbrain Market to make a list of my installed apps, then factory rest the phone, and used the Verizon 5.1 SBF/FXZ that leaked (
http://motofirmware.center/files/category/11-moto-x-1st-generation/ the site has had some hard drive issues, there are mirrors on XDA) via mfastboot. Then manually setup and reinstalled my apps, and copied my watch faces (for Facer and WatchMaker and my Moto 360) along with my /downloads and other documents back from the PC to the /SDCARD. I then rooted via flashing TWRP 2.8.6.0, and manually installing SuperSU from TWRP.
So far so good. I haven't found issues/problems. Wifi doesn't drop, bluetooth has been steady, sound quality on calls is good, stand-by hasn't be an issue, etc.
Battery life seems up and down as apps get updated (i.e. it appears to be an app related issue), just like before, when I was still on 4.4.4. i.e. when I first updated to 5.1, I got about 12 hours and still had 30% battery left. Then I got some google app updates, and battery didn't even last 8hrs before I got the lo battery warning. Again got some app updates and was able to go long, but got more app updates yesterday, and again couldn't make it 8hrs.
Wifi Tether for Root doesn't work, so I'm using Wifi Tether Router (in play store for $2.80) which works (but you need the right settings, and data seems a little slower). Also the entitlement by pass app (free, posted on XDA) works. The Entitlement Bypass app just edits the build.prop, so I don't know if that is more or less detectable than Wifit Tether Root or Wifi Tether Router.