I bit the bullet and did the update. It's only been 4 hours with it so far, but I've had zero issues with it. Other than being able to uninstall DynamicNotifications, for the life of me I can't uninstall it now. I cleared the cache, tried to force stop and uninstall but I can't do any of this.
But aside from that, well, I dig Lollipop... So far at least. I think the lock screen notifications are pretty seamless and fluid, I like the update to the notifications in general where you don't have an entire menu pull down, just what's available and current. I kind of dig the way it disappears when you adjust screen brightness as well. The settings pages seem more streamlined and less clunky, animation speeds seem quicker. No TouchWiz lag or home button lag, apps (everything from SnapChat to IG, Tumblr, chrome, FireFox, Wells Fargo, Textra, Blue mail, Wickr etc) all launch quicker and run smoother. Battery life seems to be about the same, maybe a touch better to be honest. But again I've been on it for about 4 hours. I'd assume if I were to have any major issues I'd of had them from the get go.
I was truly on the fence and honestly wondered if I was making a poor decision since even the jump from 4.4.2 to 4.4.4 on my S5 sucked, but I think Lollipop works well IMHO. I can't seem to notice any of the weird colors in the UI people keep complaining about either???
I think my Note 4 is truly better than ever at this point.