How often should I reboot? Will the awake time ever change? Because isn't the phone alway running processess?
Reboot as often as you feel the need to. Some people reboot every day, some less frequently, some people only when they notice the phone behaving unusually, lagging, behaving erratically, etc. The idea being that clearing everything out of memory, old processes, etc. will eliminate the problems.
Uptime & awake time both reset to 0:00 when you reboot, and after a reasonable amount of time with normal usage, the amount of awake time should always be a good deal smaller (YMMV) than uptime. Awake time has the most dramatic effect on your battery life, since it is essentially the time that the phone is "turned on", actively doing something (playing music, making a call, browsing the web, etc.) When the phone is "sleeping", uptime continues to count ahead, awake time does not.
Try this. Before you go to bed tonight, note the difference between the uptime & awake time. Turn the phone off (do not reboot it), put it on the charger and go to sleep. Tomorrow, when you wake up, check the uptime & awake time. The difference between them now, minus the difference from last night, should be just about the number of hours of sleep you got.