The stuff is great on aluminum. I am using a shop built "Fogbuster" clone and running CoolMist 77. If I cut pretty heavily parts still get warm, I usually turn up the coolant. At times it's like being in the shower with all the steam coming off. It is definitely effective at avoiding the dreaded built up edge on aluminum, and it doesn't give me a headache like WD-40 vaports. The mild air blast is also nice for moving chips out of the cut zone. Mine is only running at 10-12psi, so it doesn't fling them all over just gets them out of the way.
As far as coolant usage. I purchased a small bottle from LMS about 2 years ago. I am getting close to finishing it off, but it lasts a long time. I tend to mix mine kind of rich, because I have had some problems with staining if it gets trapped between parts (like between the table and the vice).