the orbit is supposed to last 5 to 10 years. I wouldn't exactly call it debris, it will allow them to see if there were any problems w/ the insertion and let them figure out what the error is.
I hadn't heard anything about their plans for the payload beyond that it was a dummy and at last report still attached to the 2nd stage. Where did you learn this?
I do see they plan to try a launch of the Falcon 9 before year end and the first listed customer for a Falcon 9 launch is a Canadian company. Lets hope they all fly like clockwork and that business for the Falcon 1 and 9 both begin to roll in.
I'd love to see cheaper commercial companies take over the Earth Orbiting stuff and get NASA back on the cutting edge doing space science.