DOT 3 absorbs H2O faster than DOT 4. BUTTTTTTT (and that's a very big butt) according to these sources, there is somewhat of a conundrum here. For an equal absorption of of moisture, lets say 2%, the boiling point of the DOT 4 drops off at a MUCH greater rate than the DOT 3.
Read the details here:
http://www.stoptech.com/tech_info/wp_brakefluid_1a.shtml
"DOT 4 fluids are also glycol ether based, but have a measure of borate esters thrown in for improved properties including increased dry and wet boiling points. A seldom talked about characteristic though is that because of this chemistry, the DOT 4 fluid will have a more stable and higher boiling point during the early portion of its life, but ironically once the fluid does actually begin to absorb water its boiling point will typically fall off more rapidly than a typical DOT 3. By FMVSS116 standards, DOT 4 fluids must have a minimum dry boiling point of 446F and a minimum wet boiling point of 311F.
Does this make DOT 4 fluids better than DOT 3 fluids? Not always. Remember, the boiling points listed are minimums and there are DOT 3 fluids out there with higher boiling points than some DOT 4 fluids. The real differentiating factor should be that if you run a DOT 4 fluid you really should change the fluid more often than if you use a DOT 3, if for no other reason than the rapid fall off in boiling point with time."
This article says the same:
http://www.aa1car.com/library/bfluid.htm
"Only one percent water in the fluid can lower the boiling point of a typical DOT 3 fluid to 369 degrees. Two percent water can push the boiling point down to around 320 degrees, and three percent will take it all the way down to 293 degrees, which is getting dangerously close to the minimum DOT and OEM requirements.
DOT 4 fluid, which has a higher minimum boiling temperature requirement (446 degrees F dry and 311 degrees wet) soaks up moisture at a slower rate but suffers an even sharper drop in boiling temperature as moisture accumulates. Three percent water will lower the boiling point as much as 50%!"
So, there are trade offs when comparing the two. I follow the manufacturers recommendation in my daily driver. As mentioned, there "might" be concerns with the borate esters and viscosity differences. I wonder why valvolene dropped their popular Syn Power Dot 4?
These are both good reads. Enjoy