Yes, you´ll need to replace it, but only if it is saturated and you need to remove chemical components from your water. And it won´t change it´s color, nor have a specific smell (unless you´re having a hard time on your aquarium, it´ll have the same smell of the water and everything else).
Charcoal (activated carbon) is used because it absorbs chemical components, filtering them. For example, if you have used some medicine in your aquarium, this charcoal will be responsible for extracting it from the water.
Some argue that this filter isn´t necessary in your aquarium, since you´re not adding chemicals to it all the time. In that case, you would use it after using some products in your water, and it´ll be "filled" in about 2 weeks, and beyond that it looses it´s filtration property.
It might work as a bacteria habitat, in the famous nitrogen cycle, so leaving it could make no damage. And then you should never replace all the filtration elements of your aquarium at the same time, because you´d stall your nitrogen cycle and would have to begin it all over.
In your case, specially because it´s brand new and is already in use, I´d leave it there, and would just change if some chemical product was used. You would be filled with bacterias, the product would make it´s effect, and after this "while the effect must be produce time", I´d replace it to take the leftovers from the water.