I said earlier in this thread that I was going to wait a week to update my Note 4 until I heard how things were going for others. I couldn't resist and upgraded the phone about 7 hrs ago. I did an upgrade and did not do any resets or clearing caches of any kind. I did remove my root and I have found on XDA that I can reroot the phone again very easily. I'll do that later this week. I still had to use Kies to upgrade my phone as the update on the phone kept saying that the software was modified so I couldn't update it using the phone.
I am extremely happy that I didn't wait! After 7 hrs of standby, I have one hour of OST and my battery is at 81%. Its right at or better than I was getting on KitKat.
I like the way notifications now show on the lock screen and I like this better than I did with the notifications on the lock screen on my old Nexus 4. Maybe it's the bigger screen making the experience better.
The only app I am holding off upgrading is S Health. My boss at my job said he doesn't like it on his Note Edge so I'm waiting on that.
When Lollipop releases for my Note Edge, I will upgrade it the same exact way as I did this.
Remember, we mostly hear from people on forums when they are having problems and not when things are going great. Your experience may very well be like mine.