Installing f2fs was, at least for now, a smart thing to do.
Nexus 7 (2012) has a crappy flash memory. Reformatting the data partition to f2fs speeded it up quite a bit. To be honest after factory reset it always feels snappier for some time but then it slows down. But I've updated all the apps and installed many others and can't see the same slowdown at least yet. Of course it's an old device so you can't expect much but now it works better than the first ipad mini I have (which sucks at multitasking, closing background apps real quick).
Here's to hoping this modified kernel comes quick to Lollipop when it's first released on this device :) http://forum.xda-developers.com/showthread.php?t=2664392