Brake fluid is one of the most neglected fluids in vehicles today.
Brake fluid is subject to water and moisture contamination.

What does it means? It simply means the boiling point will drop significantly if the fluid contains water. And more it contains water more the boiling point will be low.
In essence, if your fluid boils, you have no brakes at all. Even if your pads, disks, work perfectly and are brand new.
Many accidents occurred in the past where people got killed because their fluid was way too old although they had very good braking parts.

Keep in mind the brake fluid must be changed every 2 years maximum because of the inevitable water/moisture contamination. And if you use your car for track, it should be changed a lot more regularly than this, depending of the number of tracks you do.

Source: AA1CAR.COM
Full link: http://www.aa1car.com/library/bfluid.htm

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