I'm coming to the end of mine (should be finishing in a few weeks) and I found it alright.
It can be quite boring and tedious, especially doing the logbook which involves writing down everything you do, everything you've changed, issues you've had, how you've overcome them, etc. So basically it's all made up or very small things like "oh this word didn't sound right so I changed it". The actual writing and research I found interesting mainly because I chose a topic I enjoyed whereas others hated it because they hated their topic! Also you have to do a presentation to an audience at the end so bear that in mind.
Does it help with universities? Well that depends. Go on the uni websites of courses you're interested in and see if they accept EPQ. Some places give alternative offers if you have an EPQ at a certain grade but this differs between university and between courses at the same university. It is very helpful to write about in your personal statement though and to bring up at interviews, I had an entire paragraph of my personal statement dedicated to just EPQ.
No it doesn't take 2 years. I started in September and honestly I could have finished a few months ago but I have to go along with the college deadlines.
Hope I've helped and anymore questions, just ask.