Android 5.0 Lollipop introduces enhanced notifications displayed on the lock screen, a new recent apps section in a Google Now card style, and an updated notification bar with improved controls. Security features include unlocking the smartphone with nearby devices like Android Wear smartwatches, along with a battery saver mode providing an extra 90 minutes of use per charge. The update also supports 64-bit processors, upgrades to a faster ART software library, and integrates Android TV for enhanced multimedia experiences.