I more meant that it doesn't include any MUST HAVE features. Like when Jelly Bean launched, it came with Google Now and you couldn't get it without an OS update. That kind of thing.
ART is great for the back end, but not must have; smart lock is cool, but tons of phones have that already, even with KitKat; pop up notifications are a terrible idea because they cover what you're doing iOS style; priority mode is god awful and I do not want it; dito for notification control; new APIs are always good, but again, not essential yet; better battery and data useage is just pretty, not essential. Material design is pretty, too, but not worth the headache.
Half of the things you list as features, I would list as detriments. To each his own.
The lack of a silent mode blows my mind. And none of those features are worth a huge performance hit, which everyone I know who's gotten 5.0 has mentioned. I hope I'm wrong. I have a Sony Xperia Z3c and my wife now has the G2 we got to replace her Moto G. For both of them, I'll be holding back on the update at least until I hear how performance is and what features were removed. It's sad, really, I've been with Android singe the T-Mobile G1, and this is the first OS update I haven't been excited about. :'(