Its raining Lollipop update for many of smartphone and tables although there was early delay in reaching that update to Nexus phones. Interesting this the first Google Play Edition device to get the Lollipop update leaving behind likes of Galaxy S5, HTC One.
Android 5.0 Lollipop upgrade brings all new material design on your table, updated lock screen, new notifications and some serious improvements. This update will maintain the stock Android experience, as what the GPE devices are known for. You will need to have more than 500 MB storage on your device as the update is of around 405 MB and its available via Over the air download.
If you happen to own and this one of the beautiful tablet by LG in corporation with Google then you can directly go to Settings on your phone and push for OTA update.