It appears that the Nexus 5 isn't the only one getting the update to Android 4.4.1 today. The Nexus 4 and Nexus 7 2013 LTE updates are now available (I've seen some Nexus 10 owners get the update as well, but no link to download the update just yet). The update does the most change to the Nexus 5 rather than the rest of the Nexus family. As it does a lot of changes to the camera, which many people said was horrible.
Right now the update is rolling out to the Nexus 4 and Nexus 7 2013 LTE version in addition to the Nexus 5. Of course it is a staged, gradual update. But it doesn't appear to be taking as long as the update to Android 4.4. Which will make plenty of people happy. As far as what's change in Android 4.4.1 for the Nexus 4 and Nexus 7 2013 LTE editions, we don't really know, other than bug fixes, performance enhancements, etc. which we've seen on the update screen. So if you see some additional changes, be sure to let us know in the comments down below.
The OTA is rolling out now, but why wait? We've got the download links to sideload the update right now. Which is very easy to do, by the way. Simply reboot into your stock recovery (of course you'll need to be rooted and on KRT16S with stock recovery – sometimes it works with TWRP or CWM but not always). Next sideload it over from your PC by using the "adb sideload filename.zip" command, and a few minutes later you should be all set! For those interested in sideloading, the links are below. Remember you'll need to be on Android 4.4 build KRT16S.