This product has the same limitations as the nest and products such as the dropcam. It relies entirely on the company keeping their servers up. If they go out of business, or decide to end that service or kill the servers, then the product become quite useless. products in this field are generally used for 10-15 years+, as they are not fashion based, but instead, are designed as more of an appliance. Think about how many online services have failed in the past 15 years.
This is a product designed for people who do not think about the long term reliability of a product.
I have experimented with the both the Lyric and the Nest. Two of the biggest differences between the Nest and the Lyric that you didn't include are (1) the Lyric works with more systems than the Nest and (2) the Lyric has incredible online phone support while the Nest currently does not. I'm not sure how much enhancement will be available to either system as the software is improved, but I'm sure both will improve smartphone systems over time.
Not sure I quite buy the reasoning of the razor512. Do you really think Honeywell or Google is going to disappear in the next 10 years?
I have used the Lyric for just over a year now and we are trading out for the nest. It's GeoFencing features worked well for a short period of time. For the last 2 months they haven't worked at all. We have talked to Honeywell a few times and they have had us do everything from reseting the unit to uninstalling their app from our phone and reinstalling it. When we get home we need to check to make sure the temp was changed because 90% of the time it wasn't.
Also it doesn't seem they do much testing on software updates. Anytime an update comes through its a crap shoot as to weather your phone will work anymore. My wife has a android and I have an apple and mine seems to have more issues than hers but they both have their issues.
At first it seemed like the obvious choice, but the product seems as though its more in the beta phase of development. Maybe their 2nd generation will be better but I wont be around to find out.
As to Razon512's comment, I don't think losing the company is likely. However I will say that Honeywell seems to have server issues fairly regularly (once a month, I would consider that for a live service, I expect up time to be at the 99.9% mark).
Skip the Lyric and go to the Nest. The product even feels as though its built with a higher quality. The nest had test modes to make sure your install is right. The nest overall just feel like a much more polished unit. Have only been on the nest for about a month now but I can tell you I like it a lot more.