My QD strength ONR always goes clear about a week after being mixed up. I had been throwing it out and mixing up new stuff, but after wasting a bunch of ONR that way, I've been using it even when it is clear. Seems to work just as well. The bottle of full strength ONR is still nice and blue, it's just the QD diluted stuff that goes clear.
Edit: I always use distilled water with ONR, both for a full on ONR wash, as well as dilluting ONR to QD strength. My bottle smells like... well, it's hard to describe. It has a strong polymer scent to it. It isn't pleasant, but it's not really nasty. It has no artificial odor-enhancer added to it, it just smells like chemicals.