I'm going to rehash the material here incase the link gets taken down, which most likely it will be in the near future.
For the Material theme
The material theme is only available in the Android L Developer
Preview. To configure your app to use the material theme on devices
running the Android L Developer Preview and an older theme on devices
running earlier versions of Android:
Define a theme that inherits from an older theme (like Holo) in
res/values/styles.xml. Define a theme with the same name that inherits
from the material theme in res/values-v21/styles.xml. Set this theme
as your app's theme in the manifest file.
As for layouts
If the layouts that you design according to the material design
guidelines do not use any of the new XML attributes from the Android L
Developer Preview, they will work on previous versions of Android.
Otherwise, you can provide alternative layouts. You can also provide
alternative layouts to customize how your app looks on earlier
versions of Android.
Create your layout files for the Android L Developer Preview inside
res/layout-v21/ and your alternative layout files for earlier versions
of Android inside res/layout/. Alternative layouts have the same file
name.
To avoid duplication of code, define your styles inside res/values/
and modify the styles in res/values-v21/ for the new APIs.
For UI Widgets
The RecyclerView and CardView widgets are included in the Android L
Developer Preview Support Library, so they are available in earlier
versions of Android with these limitations:
CardView falls back to a programmatic shadow implementation using
additional padding. CardView does not clip its children views that
intersect with rounded corners. These limitations do not apply to the
Android L Developer Preview.
and lastly for Animations
The following new APIs are only available in the Android L Developer
Preview:
Activity transitions, Touch feedback, Reveal animations, Path-based
animations. To preserve compatibility with earlier verisons of Android,
check the system version at runtime before you invoke these APIs.