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Do you have a link to that?
I've seen it mentioned a few times on these forums but nobody has ever had any source for it.
History tell us this:
The older devices get, the less chance they have of getting an android version number update. If you have 4.3, you might get an update to 4.4.
If youre on 4.1 or earlier, its likely not going to happen
That's not to say you cant get *parts*of kitkit... Google is seperatong out many of the apps that used to be a part of stock android. You can now download these from the play store and as a result you can get certain things updated.
The Kit Kat update runs Linux Kernel 3.8. Here are all the details on it: Linux 3.8 - Linux Kernel Newbies
As for getting an update, yes and no. There may or may not be an official update (last one from Samsung was 4.1.2) but it will likely be ported (CyanogenMod is releasing 4.3 nightlies). I'm picking up a new phone in April, so hopefully KitKat will still be fresh by then.
EDIT: Last section on this page mentions lighter load on storage and RAM: http://au.ibtimes.com/articles/514788/20131018/android-4-kitkat-lg-nexus-5-launches.htm#.UmLDA_m218E