Can't wait for latest Android upgrade OTA so have to DIY and in a few manual steps.
Previous version 5.0.1 seems having stability issues – animation out of control after using for a while; the system response become slower and slower every day after consequent heavy usage. Now I cultivate a new habit rebooting my Nexus 5 every week.
Can't stand this anymore so I'm eager to upgrade a more stable and reliable Nexus major upgrade soon after it's released this week.
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dungymaster 
Minimal ADB and Fastboot and latest WugFresh Nexus Root Toolkit are all you need.
Nexus Root Toolkit v2.0.4Masterlists:- LatestToolkitFiles.ini 3016- AndroidDeviceListFull.ini 3016Information: Device Detected- AndroidDeviceListFlash.ini 3016HAMMERHEAD-HAMMERHEAD: Android 5.1.0 – Build: LMY47DLive log initiated [2015-03-15]:Information: Checking ADB/FASTBOOT Connectivityadb devicesList of devices attached 05b369780a5c9747 devicefastboot devicesConnectivity Status: ADB Device ConnectedInformation: Rebooting your device into bootloader mode…adb reboot bootloaderInformation: Checking Fastboot Connectivityfastboot devices05b369780a5c9747 fastbootConnectivity Status: Fastboot Device ConnectedInformation: Temporarily Booting modified boot.img to enable running privileged commands…fastboot boot "C:Program Files (x86)WugFresh DevelopmentNexus Root ToolkitdataModified_Bootmodified_boot_hammerhead_5.1.0_LMY47D.img"Information: Waiting for your device…Information: Device DetectedInformation: Pushing root files to your device…adb push "C:Program Files (x86)WugFresh DevelopmentNexus Root ToolkitdataRoot_Filesbusybox-signed.zip" "/sdcard/!ReadyToFlash/Root_Files/busybox-signed.zip"adb push "C:Program Files (x86)WugFresh DevelopmentNexus Root ToolkitdataRoot_FilesUPDATE-SuperSU-v2.46.zip" "/sdcard/!ReadyToFlash/Root_Files/UPDATE-SuperSU-v2.46.zip"adb push "C:Program Files (x86)WugFresh DevelopmentNexus Root ToolkitdataRoot_Filesopenrecoveryscript" "/cache/recovery/openrecoveryscript"Information: Rebooting your device into bootloader mode…adb reboot bootloaderInformation: Checking Fastboot Connectivityfastboot devices05b369780a5c9747 fastbootConnectivity Status: Fastboot Device ConnectedInformation: Temporarily Booting TWRP…fastboot boot "C:Program Files (x86)WugFresh DevelopmentNexus Root ToolkitdataRecovery_CustomTWRPopenrecovery-twrp-2.8.5.2-hammerhead.img"Information: Rooting…Information: Waiting for your device…
Yes, I should get into the habit of rebooting my Nexus 4 whilst it's still running 5.0.1. Good tip.Whilst I haven't experienced the problems to the extent you have, it has occasionally just crashed (unresponsive, won't wake up from sleep) for no apparent reason (most recently as last night!).Also since 5.0.1 the camera has become unreliable. It sometimes crashes. At least twice it has also crashed the phone. If you have a suggestion for another camera app I'd like to know!
I had problem with camera couldn't be accessed in 5.0.1 sometime. Haven't noticed this issue so far
Like the updated feature in interruption management. If I enable Timely, 5.1 knows disable interruption till Timely wakes me up in the morning. Very smart.