The check engine light will turn off once you turn the key off, the code will still be stored in the computer and you can get to it with a paper clip, so check for stored codes, and no, the check engine light does not for some reason come on if the O2 sensor is wearing out, not until it's pretty much gone and stops working, first sign that it's wearing out is the car doesn't want to stay in lean burn and you feel a loss of power while cruising.
There are two parts that can stick with disk brakes, the first one is the pins that the caliper slides on that allow the pads to press on both sides of the disk, they are cheap to replace and you can tell if they need to be replaced because one of the brake pads will have a lot more wear then the other.
chances that both calipers are bad is pretty slim, but if you replace one it's a good idea to replace the other to keep your braking even on both sides, so how do you tell if one is sticking? drive for a mile or so without using the brakes, in a low traffic area come to a stop by down shifting to slow down and using the hand brake to come to a complete stop, at this point your front brakes should not have been used at all so the disks should be cool, get out and feel them, be careful! they could be really hot, so feel the alloy wheel first to see if it is warm, then reach in and check the disk on each side, if the disk is hot then you have a brake that is dragging, you can also feel the tread of the tires after a long drive to see if one of your tires is getting hotter then the others as that would be a sign of poor alinement.
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