We have lemon thyme as well as your standard garden variety (hah!) thyme. They split readily to make new clonal cuttings, and I've rarely had one fail regardless of the timing of the division. We dry it for use in teas or for cooking, and it makes a good ground cover partner for plants like strawberries. The small flowers help to support solitary bees as well as parasitoid wasps, which help to regulate the insect pressure on the thyme's plant neighbors.

Here's some data on the benefits of thymol from the NIH

It is generally wonderful in any recipe that calls for thyme. I use it in addition to the ingredients in my balsamic vinaigrette for a nice flavor boost. It's great on chicken.

I have one outside now alive for two years.
Just full sun (south side) and watering it maybe every 2 to three days.
In the same watering container than my sage.