Well, it is certaintly not going to hurt your plant. I have read about (but have no actual experiance with) it. it is supposed to be superior to dried moss because it will grow in conjunction with the orchid and, because it is a live, dynamic medium as opposed to a dead static medium like bark or dead moss, it will resist breaking down and also help prevent mold from growing in the damp root zone of your plants. I would think you could treat it the same except don't let it completely dry out.
Here is a link I found to a thread on live moss on a carnivorous plant forum. See if that helps. it's definately of benefit though, much better than dry moss.
Live sphagnum moss - Terra Forums Carnivorous Plant Discussions
I have used moss before but never had any sprout on me. Cheers!