At the moment I have one female cherry, all the rest are males. She carried her eggs for about a month, and I think about twelve hatched. Obviously, it is hard to count the shrimplets seeing as how they are terribly tiny and never stay still. It's been over a month since the eggs hatched, and she has yet to be carrying eggs again, and I'm guessing it's going to be another month before her eggs drop. I'm not absolutely sure on this, but I would expect to have baby shrimp every few months or so, from each female you have.
So, if left to it, yes eventually they will take over your tank, but depending on the size of your tank and how many shrimps you start off with, it's hard to say how long that will take. If you do find that the shrimp are getting too crowded then you could try selling them or giving them to other members on this forum. I bought my cherries from PiltdownPaul for cheap cheap, due to his cherries continuing to breed and breed and breed....