There are a few features in Lollipop that are nicer - the toggles in the notification bar; priority notifications; but, for the most part, they are minor, and the Turbo has some of these features already through the Moto app with Assist, etc. There was one app that I wanted to install that was lollipop-only but it was recently back-ported to KitKat so that's all set now.
These days, with a lot of Android's features being based on Google's Play Services, which doesn't require the latest version, there is less benefit to having the latest release compared with, say, iOS. However, one coming benefit is that more of the OS can be patched through Play Services and Play Store updates, so waiting for carriers to approve full OS updates will become less and less frustrating and critical going forward.
FWIW, the Turbo was promised Lollipop, but was never, ever promised a date. Any date anybody reads was just a rumor made up by somebody who has nothing to do with getting the update on the phone. I do think that Motorola and Verizon could have managed it by now if they thought it was important. I'm inferring that Advanced Calling is more important to Verizon than Lollipop, and maybe that Motorola's own brands are more important to them than Verizon's Droid brand (and who can criticize them for that?)