A number of Nexus factory images for Android 5.0.2 Lollipop sprung up at towards the end of last year and now the update has begun appearing over-the-air for the Nexus 7, both 2013 and 2012 WiFi models.
If you simply cannot wait for the OTA update to reach you, you can grab the .zip file to install yourself from the links below:
As for what’s new in Android 5.0.2, you won’t notice any major new features or visual overhauls. Instead, 5.0.2, as the name suggests, is a bug fixing patch and should improve the stability of the OS overall. Previously, we have also seen a particular mention of addressing “issues with MountService which should now start before performBootDexOpt [and] changes related to NAND have also been pushed. Fstrim, introduced in Android 4.3, caused some serious issues on Lollipop… devices with slow NAND should now have a noticeable performance boost”. Sounds like good stuff.
If you’re not the manual updating type, don’t fret. The Android 5.0.2 OTA update should be rolling out to you soon.