I updated to Lollipop 2 days ago, and while I have not seen it fail to recognize my sim card, I just noticed my phone loses service a lot. I was driving home (NYC area) from Newark airport and noticed the GPS kept losing signal and I had no bars. This has nothing to do with Verizon's service, as I confirmed that my sister, who was in the car and shares the same family plan, had uninterrupted service on her phone.
I'm reaching a tipping point where I want to throw my phone against some rocks.
Oh and just now my phone restarted itself. And it doesn't see the sim card.
I'm going to the store to demand a new sim card.