The update contains the enhance features from Android Lollipop such as an enhance lock screen with intelligent notification cards, easy swipe shortcuts and customizable quick settings. Other features include the multi-user support with customisable user profiles and guest mode.
I received my update on 01 May 2015, with many enhancements as expected.
The update comes as 2 updates. The first update is to prepare the device for the Cyanogen OS 12.0. After the first update is installed then main update can be installed straight away.
Once the 1st update has been installed the main update will be available.
Here is the software information after the update:
Apart from the standard Lollipop enhancements as mentioned above what is new in CM12.
There is an app called Baton, which keeps apps and data in sync across multiple devices.
The theme store has many more free and paid themes which look good.
News & weather app is installed.