Android 5.0 Lollipop introduces material design principles, enhanced notifications, improved battery life through ART and JobScheduler, multiple network connections, new camera and audio APIs, expanded security features, and cross-device synchronization. It also provides multi-dex support to overcome the method limit, and improved performance through ART's ahead-of-time compilation compared to Dalvik's just-in-time compilation. Developer tools have also been enhanced to analyze battery usage statistics.