Xposed for Lollipop is now officially available for download. So if you have been holding off on updating to Android lollipop due to Xposed being incompatible, well you are free to do the upgrade now.
However the developer behind Xposed notes that this new alpha release is only compatible with ARMv7 phones. Also there is some boot issues with Samsung phones running stock firmwares.
xposed-arm-20150213b.zip: Must be flashed with a custom recovery to install the framework.
XposedInstaller_3.0-alpha1.apk: Must be installed to manage installed modules
No, it’s not using material design yet. Yes, there are more important topics for now.
XposedBridgeApi-20150213.jar: The API for module developers, in case they want to make use of some new features. Might be changed slightly until the stable release