In addition to Lollipop features like Smart Lock, lock screen notifications, and an improved multitasking layout, the update brings Material Design, and significant improvements to performance and battery life.
On midrange handsets like the Moto G especially — which don’t have a lot of RAM — Lollipop makes a noticeable difference to speed and stability. Users should find apps open and close faster, switching between them is smoother, and there are fewer crashes.
As always with big upgrades like this, the software will be distributed in phases — so if you haven’t yet received an update notification, don’t worry.
You can search for the software manually from within the Software Updates section in the Settings app, but it could take a couple of weeks to reach all users.