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i did a factory reset after flashing, and all my ailments have been fixed. everything is running smoothly on my n7 2012, and i couldn't be happier with the performance.

I'm amped for the trusted devices, but wish they had also added trusted networks or locations.
I haven't seen much documentation yet on the "Trusted Agents" bit of the revamped security options, but it sounds (to me) like it might pave the way for other apps to expand the Smart Lock functionality. So, in theory, an application like Secure Settings would be able to plug in as a Trusted Agent to provide system-level integration for Tasker to control this fancy new stuff.
Maybe. Completely uneducated guess, but that would be cool as crap.
I image wifi could be added in a future update as well
Bugs and poor performance have been reported, but generally among people who didn't wipe the device prior to flashing. With major update like this one, it's best to start fresh. I did a factory reset in the OS, then a wipe that happened as a result of unlocking my bootloader, and then I ran the flash-all script without removing the -w.
But I also wanted to test Lollipop's new backup & restore features.
Oh wow. Was it really advised to do a reset prior to update?
if I do a reset after the 5.0 update, will it (Nexus4) reload with 5.0 or the original 4.4.2?
A reset is always unofficially recommended for major version updates. It's a somewhat-easy way to avoid a lot of potential issues.
A factory reset after installing 5.0 will revert to a clean install of 5.0. :thumbup:
, and disabling passcode is a no-can-do for me 
Is there a way to customize the lock screen. I hate the carrier name tmobile on the upper left corner of my luck screen. Do they think I'm going to forget who my carrier is? Would like more useful info in that valuable real Estate like battery life.
My old rooted Galaxy S3 working fine..