I believed it is heated at a very high temperature so that microscopic cracks form in which bacteria can live. So unless you have one hell of an oven, probably cheaper to buy it from the LFS!
On the bright side if you are taking good 'care' of the media, ie stuffing some filter wool under it to prevent silt from plugging up the cracks and rinsing it regularly, you should need to replace it VERRRY infrequently; only every year at most.
This is a very interesting thing you've brought up (to me at least) as I've been meaning to start a thread about it in either the hardware section or the scientific section. I've read many, many threads on TFF that seem to contradict what you're saying about replacing ceramic media as soon as a year. Many seemingly very experienced aquarists here have made statements that they plan on using their ceramic media "for a lifetime" and that that's the point of ceramice media, it lasts even longer than sponges (which eventually fray and tear after some years.)
Now I've wondered about exactly what you're talking about, whether the cracks become filled with biofilm that contains dead bacteria or debris and renders the media less effective than it was previously. What do you think? I think I really will try to persue this further!
~~waterdrop~~