Well, yellow and red combo is very common in cattleya, so that does not help.
Ok, it flowered.
It is a mature plant and the height will basically stay where it is now.
Cattleyas are sympodial, which means (and I'm sure you know by now after seeing it grow for one year) they continuously add new growths at the base of older growths.
In the wild, (look up images of cattleyas in the wild), they grow on tree like many orchids. and unless they get too heavy and tree branches break off or some heavy storm knock them off, they will grow with no end!
With pot culture, you can gradually repot into larger and larger pot. With this, unless you have a greenhouse, watering and general care can be very difficult.
So you might want to keep it at certain size by continuously dividing the plant into sections.
Although larger cattleyas look much better in bloom, I also keep mine in a pot no larger than 8 in for maintenance reasons as I am an indoor grower.
As far as longevity, your orchids will outlive you unless it comes down with some nasty diseases or something. so take good care of it and you will most likely see it grow and flower every year to the end of your life all the while having more and more pots of the same plant or giving them away to others!
Enjoy!