This is the one thing I dislike about Lollipop. If I wanted iOS type notifications on my lock screen, I'd get a freaking iPhone. So here's my concern - Yes, I can can go in the Sound systems and turn them all Off on the lock screen, but then I get nothing at all! Not even the icons that used to appear in the status bar. I used to be able to turn on my screen and at least quickly see if I had an email, text, missed phone call or anything else of interest just by looking at the status bar. Since my phone is required to have a pin unlock code (work device), I now have to completely unlock my phone just to see if there is something I need to be aware of.
So the only way around that now is to deal with the clutter in the middle of my lock screen. But if I have multiple notifications (more than 3), the only way to see them all is to swipe to dismiss some of them to make room, which then also dismisses them in the notification panel when the phone is unlocked. Good luck remembering to check that later if you are too busy at the moment - I have already forgotten some notifications that I swiped to dismiss just so I could see all the notifications on the lock screen. So once again to view what all of the notifications are, I still have to fully unlock my device using my pin so I can swipe down on the notification panel.
So how do I limit the amount of notifications on the lock screen to help alleviate this issue? Well I could go into the app setting and turn off notifications per app, but that doesn't impact just the lock screen. That disables all notifications for that app, which means I then won't even see it in the notification panel at all.
In my opinion, we have stepped back in time to when I had an early iPhone and I had to unlock the device every time just to see if someone had sent me something..... But still much worse off on lock screen notifications than the iPhone, which handles them much better. And that is something I thought I would never say... So disappointed with this part of Lollipop, but I love other aspects of it. I hope they work to improve this, as it's half-baked right now. Give me more flexibility to be able to turn off the lock screen notifications, but still see the icons in the panel at the top.