I would NOT use laterite as a sole substrate. It is clay, and will make a HUGE mess in the water. It does make a very acceptable media for growing plants when mixed into the bottom layer of gravel, then capped with plain quartz gravel. I also like to throw a handful of peat into it.
As Michael said, laterite substrates a very long lasting as long as you fertilize regularly. I have one 75G gravel/laterite tank that while it has been reset several times, hasn't had the substrate REPLACED in over 15 years, and it still grows plants well.
The limiting factor in the tank is that eventually it gets root bound, just as a potted plant does. At that point, I remove the plants from about 1/3 of the tank, divide, root trim and replace. I will do 1/3 per month until the tank is done, at which point it grows really well again for at least another year. One thing to remember is that a set-up like this develops a lot of its own organic material in the substrate over time, both as mulm settles into it, and as plants are trimmed or uprooted, leaving part of the root system behind.
I've included photos showing how to set up a laterite substrate so that you won't have cloudy water, plus a couple of photos of that tank over the years. This is not an "aquascaped" tank, just a pleasant, planted fish tank. One of the photos was dated 2003, and while I don't have a date for the other photo, it was probably something like 2005. The tank is still running now, with no change in substrate. (I still have some of those fish in there too!