So I've just flashed the factory image for lollipop on my Nexus 5 and was initially disappointed that the trusted device functionality didn't seem to be working.
I'd added both sides of my ring and also a credit-card sized tag as trusted NFC tags, hoping they'd bypass the lockscreen. But on turning on, swiping up to reveal the lockscreen, and then tapping a tag I was getting nothing, nada, zilch. I didn't even get the familiar 'bad read' sound. Cue sad face.
A bit of research however revealed how it is supposed to work, and will hopefully save someone that disappointment time. The tag must be touching when you turn the phone on, and when you then swipe up the lockscreen will be non-existent. Happy days.
It may just be me, but it seems to read better too. My ring is on my index finger and it is easy to hold the phone naturally with the ring over my sweet spot, so as soon as I turn the phone on it is just unlocked ... no more waving, sweeping, tapping or trying to activate across a small sweet spot.