The CyanogenMod team rolled out a new Snapshot build of the custom ROM the other day, but it's still based on KitKat. What gives? Lollipop has been available for like a week now. C'mon! Relax, it's being worked on, and nightlies could arrive sooner than you might expect.
The source code started pushing to AOSP on November 4th, but it took a few days for all the bits to show up. Work started late last week on integrating CM features, and the first nightly builds could drop later this month or early next month. There's still a lot of work to do moving CM features to a material look and feel, and some aspects of the ROM might need to be completely rethought.
As for device support, the team reports it's shaping up well. Some older phones and tablets will inevitably be dropped from the official list, but things are looking good so far. Remember, the first nightly will probably be pretty buggy, so don't plan your mobile life around having Lollipop-based CM later this month, unless you love bugs. Then by all means, plan on flashing right away and stay away from me, weirdo.