I think the latest version is 5.0.2, but rumoured 5.1 is about to be released shortly. Some people don't like the layout or green & white colours, some say it drains the battery faster than Kitkat did.
Economy is the wealth of the poor and the wisdom of the rich.
I have just checked my - yes - original Moto G and the update is waiting and the OTA update is ready to install. Blurb says it is Android 5.0. I am very very wary as the phone runs fine on Android 4.4.4. Will do some checking before I agree install.