I don't really know how long they last, but I had it in my 72G bowfront for almost 3 years, and then moved it to a 29G, 20G, and 2 10Gs where it has been for another year or so and my plants are doing well...I think it lasts around 5-6 years from what I have heard, but either way it's relatively cheap as it costs the same price as regular gravel at $17 per bag...
I am pretty sure the nutrients are still there in mine as my plants are still doing well as I have low light with no co2...at least my rooted plants seem to be growing faster than the same rooted plants in other tanks with same lighting...