It lasts much longer than carbon. 6-12 months depending on the bioload and size of your tank. Plus it is recharged easily, 3 times I believe. I bag of purigen can easily last you 2+ years.
Purigen is marketed as an "organic scavaging compound" it is more selective and the pores in the purigen beads are smaller than the pores in activated carbon. Purigen doesn't remove heavy metals (ferts, minerals), but binds to soluble & insoluble nitrogenous organic waste. Just like you do water changes to remove more than just nitrates, purigen helps to remove those impurities.
I think purigen is worth every penny, and I don't spend very much (compared to others) on my hobby (obsession).