Received ota for version 2013 yesterday. Haven't received 2012 yet.
I'm running 5.0 on an N7 and after a few initial teething problems, it's running fine, smoother than KitKat.If you are notified of the OTA of LP for a N7, beware, it kind of ruins the device: check the posts:
https://productforums.google.com/forum/#!topic/nexus/to2BHjmhh-I
Do you have the 2012 version or 2013?I'm running 5.0 on an N7 and after a few initial teething problems, it's running fine, smoother than KitKat.
I did, basically as soon as Lollipop installed.frankenhooker: I went into Developer Options and set the processes to 4, instead of Standard, which so far has helped to eliminate the laggy processing. Did you wipe cache?