http://www.subtleenergies.com/ormus/index.htm

This is the best source to answer most of your questions. 

Orbitally Rearranged Monoatomic Elements or ORME first named by David Hudson.

The "generic" name for this is Ormus and is used widely by the Ormus community.

Ormus water is reported to have: no taste, an oily taste, a chalky taste, or a salty taste.  There is nothing wrong if there is a taste like those described. The salty taste may be from a few grains of one of the salts added to the finished Ormus to stabilize it. During the process of collecting Ormus it make take an oily form leaving a slight oily residue on the bottles.  Some people can detect this in the finished product.  The Ormus itself is a powdery substance in the bottom of the bottle - this is why it needs to be shaken before pouring.  Some people have said it tastes "chalky". 

Ormus water should be clear, should not smell, should not have much taste other than possibly salty, chalky, or oily.  If it smells moldy or tastes musty, use it for the plants by diluting it with fresh water and sprinkling it on them.

The absolute length of time is dependent the storage conditions. It is generally accepted that Ormus water will last at least a month and probably up to 1 1/2 years. Things that may lessen the shelf life of this or any other similar solution are:

• length of time the bottle has been open
• bacterial contamination by using a contaminated dropper or instrument to extract Ormus from the bottle
• exposure to light, stray electromagnetic fields, or some radio waves
• exposure to extremes of heat or cold

Elemental Health recommends you:

• use the Ormus within 3 months of it's collection date
• pour the Ormus into a clean spoon and not put anything into the bottle
• store the bottle wrapped in foil or in a tin can or sealed in a recycled coffee bag
• keep away from sunlight
• keep at room temperature (50 F to 80 F).