Flushing your brake fluid is very, very easy if you use a power bleeder like the one sold by Motive products (www.motiveproducts.com). Failure to flush your fluid at least every two years can result in your fluid’s wet boiling point become dangerously low. If you get your brakes hot enough to cause your fluid to boil the brake pedal will become soft, and you will effectively not have brakes.
It’s always good to start with a good quality fluid with both a high dry and high wet boiling point. I like the Ate Super Blue Racing Fluid. It comes in both blue and amber, and is a DOT 4+ fluid. I alternate between the blue and the amber, that way I know when my flush is complete. The blue fluid isn’t DOT approved due only to its color (not an approved color), the amber is DOT approved. Both meet the same spec, the blue is only dyed. A very good widely available OTC fluid is the Valvoline SynPower. It is also DOT 4 +.
Because water will always find its way into your brake fluid (it isn’t a hermetically sealed and water vapor does enter through the fluid reservoir), DOT 5 should only be used in racing applications. DOT 5 does not absorb water, but has a very high dry boiling point. But, because water is not soluble in the DOT 5, any that enters the system remain separate, and this has a very adverse effect on the wet boiling point. If you get hotter than 212 F, any water in the system will move to a vapor state, effectively creating a situation of “air” in the brake hydraulic system, resulting in a soft pedal or ineffective brakes. Bad. DOT 5 should be flushed frequently. Since DOT 3 and 4 are both water miscible, they are able to remain effective hydraulic fluids under high-heat conditions over a long period of time (years), before they become significantly compromised.
Sorry for the ramblings.