Carbon will last a couple of weeks, I believe the phosphate comes from the carbon actually decaying in your tank. Many manufacturers claim that there carbon doesn't release phosphate including marineland but I don't trust their claims, on the other hand I have left my carbon for over a month and have never had a phosphate reading at all so who knows for sure.
The process you use to move water through the carbon has a large effect on the efficiency of the carbon removing waste from the water column. If you use it in a filter sock and just hang it in an area of high flow the carbon doesn't work as well and takes longer to absorb any contaminants. If you put it in a canister it will work much faster and also becomes saturated much faster. To give you a comparison I quit running carbon for a while and while my tank looked good I noticed my water had a very faint yellow/green tint to it, added carbon to my canister and within 48hrs the green was gone, from meozers description it took two weeks and water changes to clear the water with just a filter sock.
Carbon will help to keep your water crystal clear along with absorb toxins released by corals participating in chemical warfare.