We present Herschel far-IR photometry and spectroscopy as well as ground based CO observations of an intermediate redshift (0.21 < z < 0.88) sample of Herschel-selected (ultra)-luminous infrared galaxies (L_IR > 10^11.5L_sun). With these measurements we trace the dust continuum, far-IR atomic line emission, in particular [CII],157.7microns, as well as the molecular gas of z~0.3 (U)LIRGs and perform a detailed investigation of the interstellar medium of the population. We find that the majority of Herschel-selected intermediate redshift (U)LIRGs have L_CII/L_FIR ratios that are a factor of about 10 higher than that of local ULIRGs and comparable to that of local normal and high-$z$ star forming galaxies. Using our sample to bridge local and high-z [CII] observations, we find that the majority of galaxies at all redshifts and all luminosities follow a L_CII-L_FIR relation with a slope of unity, from which local ULIRGs and high-z AGN dominated sources are clear outliers. We also confirm that the strong anti-correlation between the L_CII/L_FIR ratio and the far-IR color L_60/L_100 observed in the local Universe holds over a broad range of redshifts and luminosities, in the sense that warmer sources exhibit lower L_CII/L_FIR at any epoch. Intermediate redshift ULIRGs are also characterised by large molecular gas reservoirs and by lower star formation efficiencies compared to that of local ULIRGs. The high L_CII/L_FIR ratios, the moderate star formation efficiencies (L_LIR/L_CO or L_IR/M_gas) and the relatively low dust temperatures of our sample (which are also common characteristics of high-z star forming galaxies with ULIRG-like luminosities) indicate that the evolution of the physical properties of (U)LIRGs between the present day and z > 1 is already significant by z ~ 0.3.
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