Got my 5.0 update tonight. Downloaded and installed seamlessly. I was out when I saw it and it was happy to wait until I got home and had wifi to download. The install probably took between 15-20 mins, maybe less, I was busy playing Far Cry 4. It went through smoothly without a hitch though. After it had installed once it booted up again it stayed on the Motorola world screen for longer than normal, but then did that updating app thing.
First impressions are that 5.0 is very nice on the Moto X. I've had an N9 since it came out so am familiar with 5.0. All the features are there and the excellent Moto stuff (notification on 'lock screen', Moto Voice) still works great. I'm noticing a few touches I haven't seen on the N9, for example Chrome tabs are now accessed through the apps button at the bottom of the screen.
Either way I'm impressed and for those waiting there is nothing to be worried about with the update.