Google is serious about revamping Android to look more modern, but most of the apps we spend our days in are still stuck in the past. With a little friendly encouragement, maybe developers can make the transition more quickly. Google has posted a checklist of material design elements on the Android developers blog, and it's quite extensive.
The checklist covers everything from tangible surfaces to how apps should implement tabs. There are a number of nifty little animated GIF examples, along with plenty of links to the developer documentation and sample code. It's not going to do all the work for you, but having a centralized list of everything you need to get started should make the task of updating with material elements much less daunting.
Android 5.0 isn't even officially out yet, but you can bet users are going to start turning up their noses at Holo soon enough. It's the end of #holoyolo and the dawn of #materiyolo.