Yup, as most of the answers states, coolant and anti=freeze is the same thing. Standard mixture is 50/50. The anti-freeze has a chemical that lowers the freezing point, and chemicals that help prevent corrosion and cavitation. Water actually does a better job dissapating heat, but has no anti-corrosive qualities. With todays engines going to mostly alluminum with some using plastic manifolds, the compostion of anti-freeze has changed over the years. It could be green (the old stuff) red, orange, or maybe something new (I'm color blind, I just taste it ;) The radiator (resevoir) cap is pressure released, and the pressure that it allows to build up is what actually raised the boiling point. Vaccum lowers boiling point, pressure raises it...ask a cook that lives in the high plains how quick water boils.
The life of coolant is dependent on driving habits and environments. It is vented to the atmosphere through the coolant resevoir, and will get dirty over time. Usually the Owner's Manual will list schedualed maintenance intervals.
AS far as checking, once a month is usually sufficient. If you travel alot or your roads are frequented by construction trucks, you may want to check more frequently, as nails and screws appear in tires at a faster rate. Check levels of fluids more often during high speed commutes, this is when the water boils off and the fuel from compression blow by vapors out through the PCV system (engine oil). Automatic transmission fluid should be between the hot and cold mark, hot is considered too hot to touch and hold with bare fingers. If you notice that your brake fluid is low, dont' just add fluid unless your light comes on, for this is how it is designed to warn you of brake failure or impending failure. If your fluid level is low, then your brake linings are low or you have a fluid leak. Either justifies a visit to the garage.
I myself am guilty of checking under my hood (bonnet) every saturday. I do this because I drive through some desolate areas with no phone reception...don't really want to break down in bear country.