The Verizon Note 3 is the latest Android device to be invited to the Lollipop party. The Note 3's product support page on Verizon's site has been refreshed with the announcement of the software update and a brief overview of the enhancements of Android 5.0.
The new software will showcase a material(ish) version of TouchWiz, as well as performance enhancements and optimized battery performance. Unfortunately, the update will not remove the horrendously placed Verizon logo on the home button (I find it amusing that all the Note 3 images on the software update page are logo free).
Software build version LRX21V.N900VVRUEOB6 will start rolling out soon as an OTA. Let us know in the comments when you see it on your device.