We played around for a while, and the only reason that we found to change the water was because of the looks. You seem to be able to re-use the water almost indefinatly (we have had a small setup running for cleaning tools and small engine parts for a couple of months continuiously with the same batch of water.) The only "work" required is regular wiping down of the item and sacrificial.
This litttle project also has uses in the kitchen!
I have put the oven racks in one to clean them, and it has removed all of the black buildup off them, including right in all of the little corners! Now I am trying some steel baking trays.
Cheers

