Given how much many people depend on their phones and how much information they usually have on them, I think security is pretty important.
That's why I got a Nexus 5; I'm confident I'll continue to see updates for some time.
Google really needs to include in their play store agreement some kind of requirement to ship critical security updates within a defined period of time. Yes, that's going to hurt - the maintenance burden of shipping an Android phone is going to rise dramatically if you inherit a burden of 5 years of updates. But then, critical security updates should be extremely incremental updates that rarely involve any functional changes to the user.
I'm not sure how the Android ecosystem is sustainable without something like this. At some point there will be an Android security apocalypse: an exploit that can't be fixed without a kernel update that affects hundreds of millions of legacy phones that have been abandoned by their makers.
What did happen about a year ago is google moved some of the communication framework stuff from android proper, and rolled it into 'google play services' so that it can be updated independently of the version of android on your phone.
As a result, apps like hangouts, plus, maps, the dialer and others which rely on those frameworks can be updated to use the newest version of the framework without worrying about the whether your population of phones have been updated to android x.y, any phone that has the play store installed and updated should be running a recent version of play services.