I had updated my Nexus 4 with Android 5.0 OTA update last week. I observed that the notification bar is not transparent. I see some reviews of Android Lollipop (Nexus 4) in YouTube and as I remembered correctly the notification bar was transparent. Is anybody having the same issue?
Compared to Nexus 5, Lollipop stock launcher on Nexus 4 doesn't have transparency on the notification bar.
Instead, the one with transparency is Google Now Launcher (originally known as Google Experience Launcher). After installing the launcher, you can switch between those two from Settings > Home.
Lollipop stock launcher Lollipop Google Now Launcher