Joseph,
That's a subjective question. LOL:)))) It depends on the types of wood, also how you use the bit ( meaning take shallow passes vs. deeper) The type of steel, HSS vs carbide. all these things will determine the lifespan of a particular bit. also the unexpected piece of metal ( staple, nail, brad, lead) that somehow shows up every bluemoon, they play havoc with a bit.
Storing them in a rack with holes or something similar works fine. Keep them from rolling around in a drawer and banging against each other )) If they get pitch or build up on them use oven spray or WD40 to remove it, then clean with mineral spirits and store.
I'm sure others have there methods also but that's some of mine.
See ya later.
Mike K
edited to add: I noticed that you refered to FWW mag. try going to there website and get on the knots forum. alot of good info there and there is a good thread going on now about router bits.