If you've got a Moto X 2014 Pure Edition or a Moto G 2014, then you stopped reading this story at the headline and you're furiously tapping the "System updates" option in your Settings menu. For those of you who are still with us: those phones are getting an official over-the-air update to Android 5.0 today. Motorola announced the updates on its official blog. This comes shortly after soak tests (closed betas) for the update on both phones.
Specifically, the Moto X Pure Edition is getting the update - sorry, if you bought a carrier-customized version of the phone from AT&T or Verizon, you're going to be waiting for a while longer. The Moto G is so cheap at $179.99 that it isn't sold with any carriers, so both the US GSM and the international GSM models are getting updated... but the latter is actually only updated if you're using it in the US. So... yay for America, I suppose.
The rest of Motorola's lineup will probably follow soon, if the company's swift updates over the last two years are anything to go by. (They've actually managed to beat the update for most of the current Nexus and Google Play Edition devices.) Motorola has committed to Lollipop updates for the original Moto X, Moto G, Moto G LTE, and Moto E, plus the 2013 Verizon DROIDs and the new DROID Turbo. Specific timelines are, alas, not available.
The OTA should be rolling out now, but it's safe to assume that it's going in batches. Don't be surprised if the OTA message takes a couple of days to reach your phone. If you've kept the original recovery on your Moto X or Moto G, it should be able to flash, but any more radical changes (like alterations to the /system partition) may cause it to fail.