Re-using old cooking oil

Did you know that you should only re-use cooking oil a few times.  Did you also know that you should store used oil in the fridge, between uses?  If it changes colour, starts to smell different when you heat it up again or has burnt food particles in it, it is past it's time to ditch it as the oil has changed composition and it's molecules have deteriorated.  

But, does anyone have the same