Are orchids really plants, or are they like mushrooms or ferns?

Are orchids really plants, or are they like mushrooms or ferns?

About three years ago, I got my mother a rather exotic looking white Phalaenopsis orchid plant. The following winter, a secondary shoot formed on the main flowering stalk and produced another (albiet smaller) spray of flowers, but since then we haven't seen much activity from it. It's been a bit neglected since then, occasionally standing in water for days at a time without being allowed to dry. I removed it from the pot this morning and had a look at the roots, and it looks like mush! Yesterday while at the local Walmart-esque home center I picked up a couple of Cattleya orchid seedlings, pots and bark growing mix. It ocurred to me then that the Phalaenopsis would probably like to be freed from its soggy prison. I've found basic instructions all over the 'net for repotting, but I have a few questions...
  1. From a casual glance, it looks like only the three or four top roots look healthy. Is that going to be enough to keep it going?
  2. If the plant manages to survive repotting, how long would it take to flower again?
  3. Should I fertilize it now or wait until the roots are established? If so, how long is that?
  4. Is moving from peat moss to a bark type medium going to be a problem?
  5. Am I going to become some kind of orchid nut? I've seen Adaptation at least a dozen times.
  6. Are there any common mistakes that beginners make that I should be careful of?
Any input is appreciated, thanks!
My Little Piece of Basement

My Little Piece of Basement

Plant ID por favor

Plant ID por favor

Check your fences!

Check your fences!

Blue Morning Glory

Blue Morning Glory

Pretty blue flower

Pretty blue flower

pillows.

pillows.