Once Terminal is open type in "uptime" without the quotes. If you have OS X 10.4 the iStat Pro Dashboard widget tells you your uptime among other nice computer stats.
Unless you're seeing weird problems cropping up, it's not really a big deal. Sometimes your virtual memory can balloon a bit and you can restart to rein it back in. But if you're happy with your performance, you don't have to restart very often. That said, we do get enough stuff through Software Update that you would normally end up restarting every few weeks anyway if you're keeping up to date.