you could separate the routing from the WIFI, access points tend to last longer than routers, since there's usually no need for additional flash space on the APs, while a wired only router often have better routing performance.
buy a better/bigger motherboard.
you can find threads about those cards in this subforum
they're actually pretty good, but mostly out of stock.
you upgrade it the same way as any router, or set up the new version in parallell to the
old one, and boot into the new version.
you update it ?
all/most devices booting from build in flash have a sysupgrade images, which are used for updating from one version to another.
then you dd the image to the storage, or use the built in update function.
you update the whole image.
routers with fixed storage will be supported as long as the Linux kernel support the hardware, and there's flash space enough to accommodate the openwrt image, and RAM enough to run the content.
Pretty much, yeah.
For a PC flash space isn't an issue, here it's the CPU that could eventually become a bottle neck, and not provide CPU power enough to route your internet traffic.
Here's a very future proof (wired) router, based on a DIY solution This topic is now deleted - #16 by frollic
If you want something cheaper read the beginning of Tips for getting cheap used x86-based firewall with full Gbit NAT (a PC Engines APU) if you are in the US then go to the 2nd half of the thread.