Hormone Therapy usually has some pretty serious quality of life issues, loss of muscle mass, depression, extreme fatigue, hot flashes ect. Most get some or all of these side affects and time off treatment lets them lead a normal life while they are off treatment.
There is a very high probability, 99%, that his psa will rise again after treatments stop. In some rare cases the hormones cure the cancer, but hormone therapy is used to control the growth of the cancer, not cure it. Some have been on Hormone treatments for 10-15 years.
Some men, especially older men have fewer side affects than younger men. The Prostate Cancer Research Institute web site has a section on Hormone Therapy and side affects, very good information for you and your dad to have.
A good book to get is "Beating Prostate Cancer: Hormone Therapy and Diet" by Dr Charles Snuffy Myers. This is a must read for anyone on HT.
JohnT