(I'm a member Android Security team who worked on bits of Lollipop FDE)
The issue with FDE in Android has for long been the lack of combining strong passwords with a pattern lock or pin lock for unlocking the screen. In other words, your encryption key is only as strong as the pin code or password you are willing to put in every time you open your screen lock.
This isn't completely true on Lollipop devices that have hardware-backed credential storage. (Well, it's not really "hardware-backed", but it's in a Trusted Execution Environment, typically ARM TrustZone.)
For Lollipop, a big change to FDE was the inclusion of a hardware-backed key in the key derivation function (KDF) for the FDE master key encryption key. This provides two benefits:
1) It means that a dump of the contents of your encrypted flash is useless without the device.
2) It means that brute force search of your PIN/pattern/password space is serialized and rate-limited by the performance of the device. In a way this means that faster devices are less secure, though we also apply a device-tuned scrypt function as part of the KDF, which compensates in the case of an attacker who tries to perform the entire attack on-device.
The best attack against Lollipop FDE, on a device with HW-backed credentials, is to dump the data from the device flash, then flash a custom OS which makes calls into the HW crypto to create an oracle, processing a stream of requests and returning the responses. Then you do a brute force attack with a mixture of on-device and off-device resources, computing the first scrypt function offline, then performing the on-device crypto operation, then taking the results of that and performing the second scrypt function offline, which you then use to try to decrypt the FDE master key, offline.
The fastest devices on the market today will perform the HW-backed crypto operation in about 50 ms. Assuming everything is pipelined properly, this is the brute force attempt rate: 20 attempts per second. With a four-digit PIN, this is negligible: the entire space can be searched in 8 minutes. However, a six-character alphanumeric password (random, all lowercase) would take 630 days, on average, to break. That's pretty reasonable security.
In theory. In practice it would take much longer than that. I tried running this test on a Nexus 9 and found the device kept throttling itself because it got too hot, plus even with a 2A charger it consumed more power than was being provided to it, so I had to stop when the battery died and wait for it to recharge.
Pre-Lollipop, and even on Lollipop devices that lack HW-backed crypto, you can conduct the entire attack off-line, parallelized, on however much hardware you care to throw at it. I can't make any promises about the future, but I will say that I, personally, really want to significantly improve Android FDE in the future. I have changes in mind that will make brute force essentially impossible, unless you can break into the Trusted Execution Environment.