It looks like some sources close to Google have some insider info that Android 5.0 Key Lime Pie is scheduled to be released in the late October timeframe. Google I/O came and went without an Android 5.0 release and everyone wondered why.
Its seems Google was giving OEM’s some breathing space. The October time-frame is also the rumored time of appearance of the Motorola X Phone let me remind you. There is also no indication of a Nexus 5 coming out anytime soon. Although Google could release a new handset with the new operating system by October.
Sources says that Android 5.0 will be optimized for older phones, even ones with only 512 MB of RAM. This could be a big thing for Google, really optimizing the operating system for older devices which would make for a more uniform ecosystem.
If these reports are true then we will have to wait till the end of the year to see a newer operating system from Google.