This page here shows how many times my pages have been loaded, how many times someone has clicked, and how much my site has made.  Channels are just a way to keep up with your different ads.  I currently run one on the left side of the page and the bottom.  This will show you which ads perform better.  Typically for me, the left side pays better.

Adsense will only send you a check after you have reached $100 in a given month but only once a month.  You can also do electronic deposit.  They do require your taxpayer identification number either way & you will have to pay taxes on it at the end of the year.