the green belt isn't sao bad by any means. I, personally, love it, and the fact that i never have to worry about it is nice as well. not the greatest pic in the world, but here it is
No the green doesn't wear off, at least it hasn't on mine yet.
The belts stretch fast and once stretched they will never get back to size again. by the time winter rolls around the damage is done. You can either replace the belt whenever the squeaks return, or bit he bullet and go green. tell people it saves gas and thats how you choose to go green, lol