Hi everyone. My new N5 ships Tuesday. It's the 16Gb Red model.
I had a small problem with a N4 from Amazon -see here-
http://androidforums.com/nexus-4/857885-no-ota-update.html
So now I wanted to know if anyone could help me understand some of the different ROMs available and differences between them. I have been rooting since gingerbread and have flashed more than one device with different roms. Hoping for suggestions on a good stable Rom. This is a daily driver device for me so stability is the most important feature for me. I am also interested in the idea of a new kernel but have no experience there. I know this may seem like alot for one post but I am trying to plan ahead for when the phone arrives. I have found it is easier to do this with a new phone to avoid setting up a device twice. Thanks in advance to everyone.
Hey what's up KutuluKid!
Wow... Yeah that was quite the experience with that N4! Glad it worked out for you though!
Congrats and welcome to the N5 club!

There really are a ton of great custom ROM's and kernels for the the N5 and choosing one can be quite time consuming.
The thing that it's really going to come down to is personal preference and what is it exactly that you are looking for in a ROM? Features, UI and etc.....
I personally use Dirty Unicorns, with Franco kernel as my DD, for stability, features, battery life, customization and performance. I've tried a few different ROM's and kernels on the N5 now and by far DU has been the best for me and my top favorite... Plus it just gets better and better with each update! :thumbup:
Some good, stable and popular ROM's that you might want to look at are -
Dirty Unicorns
PA
Mahdi
OmniRom
Carbon
CM
Kernels -
Franco
ElementalX
Linaro
Code Blue
Without getting to deatailed. The biggest difference between ROM's are what their base build is or the base source that the ROM was built on... AOSP ROM non AOSP to CM based ROM's and the Kernel compatibility with that ROM. AOSP ROM's would use AOSP kernel , while CM ROM's use a CAF kernel.
Kernel's can have a huge impact on how the ROM runs on the device and can increase performance, battery life, add additional features and tweaks.
The key here is to find a custom ROM that suits you and your needs, then add in a custom kernel that will make that perfect match for you and your N5 will fly!
Since you're planning on flashing a custom ROM/kernel... I would recommend that the first thing you do is unlock the bootloader, since this will commpletly wipe your device.
Then flash a custom recovery like, TWRP/CWM or Philz CWM based recovery and then root your N5 with the SuperSU.zip.
Then get the device setup and perform a stock/rooted nandroid backup and a separate EFS backup. Save both of those backups on the device and save them to somewhere safe off of the device like a PC or hard drive, for like an emergency situation.
So you have some choices and options to make, as far as a custom ROM, kernel and a recovery to install.
I also use TWRP recovery because of the features, built in EFS backup, OTG support, charging in recovery and etc....
Take a look at Rxpert83's Excellent Rooting Guide here -
http://androidforums.com/nexus-5-all-things-root/790362-nexus-5-rooting-guide.html
After that then you'll be ready to flash a ROM and/or kernel of your choice and have some fun playing around and experimenting with your N5!
The other thing is if you want to try a ROM... Then try it! Just make sure that you have a current nandroid backup before hand and then flash the ROM, test it out and see if it's a fit for you or not... If not, then just restore your nandroid backup and it's like nothing even happened.
ROM's and kernels for the N5 are at your finger tips and they are all just a nandroid away from trying any of them out!
Hope this help and gets you started off in the right direction.
If you have any specific questions or need any help getting your N5 rooted or flashed just let me know!