Orchids seem to have really come down in price in the last 10 years, with many interesting flower shapes and colors to choose from.
Our house is not great for keeping orchids around after they finish blooming—we don't have the deep windowsills of our last apartment and the light in the winter is not great.
So we have decided to treat them as if they are long-lasting bouquets, keeping them around while in bloom, then adding them to the compost pile.
While they are blooming, though, they get pampered. To water, I put the pot in the sink and run lukewarm water through the potting medium (so it runs freely out the bottom) and give the entire plant a heavy misting with room-temperature water, then let it drain for awhile before putting it back into its decorative pot on the coffee table.
This particular orchid is like a chain-reaction of star-like explosions along its long flower spike. So interesting, and so beautiful.