Sometime after I updated my late-2014 27" iMac with Retina Display to 10.10.3, I noticed both my Apple Wireless Keyboard and Apple Magic Trackpad were very "sluggish". I then noticed the squiggly line through the Bluetooth icon. I searched and found this thread and performed an SMC reset without success. I then tried the NVRAM reset by holding down Command, Option, P, and R at bootup until I got a second startup chime. That fixed it.
As a side note, I switch from PCs to Macs in 2008 and have owned several iMacs and MacBooks since then. 7 years ago, everything was rock solid, but the last few years I seem to be having more and more little problems like this - mostly software related. It's like Apple is losing touch with their former self and is trying to rush out products too soon and/or trying to add too many features without enough testing. While still far better than the competition, Apple seems to be falling victim to popularity the last few years - at least from my perspective.