I've heard of people having beer in kegs for over 6 months just fine. Mine don't seem to last longer than a couple of weeks though. I found that when I started kegging the beer seemed to disappear unexplainably. Perhaps mixing with CO2 in this manner causes some beer to disintegrate. I can't come up with a reason for the expanded waistline though.
A 5# CO2 tank will last about 8 kegs or so, give or take. The reason people buy bigger tanks is that they have multiple beers on tap, or they don't want to swap tanks as often.