Who's going to make sure LineageOS users get security updates in a timely manner? Is anyone going to be paid to work on it? Any large OSS distribution is going to have a fairly continuous stream of security fixes to ship to their users, and that takes a fair amount of time, and I'm always concerned about whether any new project (okay—it's not quite new, but they have a fraction of the number of developers they did tw…
Not directly an answer, but one of the big issues with security patches for custom ROMs is the amount of patches they don't (read can't) ship. The proprietary blobs are very often not patched when the device is vendor-supported, and once it reaches end of life from the vendor (but the community ROMs give devices significantly extended longevity), there's no more patches to these blobs. Blobs incorporate the modem, ba…
One thing I wish there was more visibility of is "is this device still getting security updates", because there's often almost no visibility about that (and while you obviously can't say the vendor won't fix future vulnerabilities, you can say whether the vendor has fixed all known vulnerabilities), even online, yet alone anything pushed to the device to let its user know it is no longer secure.
e.g., http://web.archive.org/web/20161224231459/https://wiki.cyano... is the old CyanogenMod wiki page for the Galaxy S2: the last "development channel" (i.e., unstable) build is 2016-12-18, the last "release channel" (i.e., stable) build is 2015-11-16. There is nothing on the device page to suggest the stable build is known to be insecure (though given the number of Android bugs found in the last year unquestionably is!), yet alone anything about upstream vendors dropping support for the device and the unstable build being known to be insecure too. How is LineageOS going to do better than that? That's a damn low bar.