After a day playing with LP on the Note 4 I'm a bit disappointed in Samsung's implementation. For me, the wait for LP was actually only for core feature (as I was perfectly happy with KitKat); Better camera support with LP !! The Note 4 has pretty amazing camera hardware for a phone, which was under KitKat limited by the OS.
Well things have NOT changed with Lollipop. Still no shutter speed control, no support for RAW. It's not LP Camerav2 API compatible Not even with thirdparty camera apps, who do support this on lollipop on other devices. According some developers I spoke (for instance from Camera FV-5) this is because Samsung has been cutting corners (again?) with result that these enhanced options probably will never be available on the Note 4 devices. If they manage to work around it, it will be probably by the time I already have my S6 and Note 5. Yes I know its only a phone camera, but with more (manual) control you can create amazing effects and with RAW support touching up a picture is so flexible and easy in light-room or Photoshop.
Another annoying thing in KK was the recent app button lag. Its a little better but still it lags (I rather think this is touchwiz UI related and not Android related). Finally a crazy move of Google, is to remove the silent mode and replace it with a "partly" broken notification priority schema and Samsung made this even worse by removing scheduled priories from this new feature.
So yes, the phone feels a little snappier in use then when I was running KK, but this limited LP implementation is a bummer for everyone who uses the Note camera regularly. For me it's for sure not what I expected nor I had hoped for.
Some other things that are not implemented in the Samsung's lollipop release is the Multi-user option and Ambient light option. Honestly I would have rather waited for a month (or two) to receive a proper (more complete and less bugs) Lollipop then what it is now
EDIT: FIX for recent apps button lag in TouchWiz props to @2000Hugo works on kk and lp
http://forum.xda-developers.com/note-4/help/fix-recent-apps-button-lag-touchwiz-lp-t3033000
my 2 cents

Well things have NOT changed with Lollipop. Still no shutter speed control, no support for RAW. It's not LP Camerav2 API compatible Not even with thirdparty camera apps, who do support this on lollipop on other devices. According some developers I spoke (for instance from Camera FV-5) this is because Samsung has been cutting corners (again?) with result that these enhanced options probably will never be available on the Note 4 devices. If they manage to work around it, it will be probably by the time I already have my S6 and Note 5. Yes I know its only a phone camera, but with more (manual) control you can create amazing effects and with RAW support touching up a picture is so flexible and easy in light-room or Photoshop.
Another annoying thing in KK was the recent app button lag. Its a little better but still it lags (I rather think this is touchwiz UI related and not Android related). Finally a crazy move of Google, is to remove the silent mode and replace it with a "partly" broken notification priority schema and Samsung made this even worse by removing scheduled priories from this new feature.
So yes, the phone feels a little snappier in use then when I was running KK, but this limited LP implementation is a bummer for everyone who uses the Note camera regularly. For me it's for sure not what I expected nor I had hoped for.
EDIT: FIX for recent apps button lag in TouchWiz props to @2000Hugo works on kk and lp
http://forum.xda-developers.com/note-4/help/fix-recent-apps-button-lag-touchwiz-lp-t3033000
my 2 cents
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