My 2 cents?
Most of this has been covered already, but a review and my opinion:
DOT 5
Good and
Bad
Good because the boiling point won't get lowered throughout the system, as it is Silicone based so it does not absorb water.
Bad because it is silicone based and won't absorb water. Therefore the water that forms in the system gets trapped in low areas and will rust that area from the inside out. It also will freeze in that area. It also will boil very easily in that area and cause steam which will cause a very spongy pedal and possible loss of brakes entirely. Also because DOT 5 has a much lower viscosity , air can fit in between the molecules of the fluid, again causing a spongy pedal and trapped water ( air has water in it)
I see way more
BADS than
GOODS for most applications with DOT 5...
DOT 4
Good and
Bad
GOOD Has initial higher temperature boil point and is more stable than DOT 3 . Will absorb water, so annual complete bleedings will remove all the water from the system.
Bad It's initial stability and higher boil point falls off faster than DOT 3 fluid, so unless it is changed often, it is actually worse than DOT 3 in the long term.
DOT 3
Good and
Bad
Good It is more stable in the long term and keeps it's specified boiling point longer than DOT 4. It is easy to find and inexpensive. It also absorbs water, so regular changes of fluid get rid of this contamination.
Bad is that initially it may have a lower boiling point and be less stable than DOT 4
DOT 3 is the best choice for those who do not want to change the fluid as often... This is one reason why many manufacturers still specify DOT 3. It stays better longer than either DOT 4 or DOT 5...
Ok, another point on bleeding. If you bleed your own brakes,
DO NOT use a pressure bleeder unless it is the type with a diaphram or piston between the pressure and the actual fluid. Otherwise air is injected into the fluid when bleeding and this adds bubbles and water right from the start!
Then the point about fluid storage.... Buy your fluid as you require it, don't buy bulk as the fluid (DOT 3, 4 and 5.1) will absorb water from the air in the container and cause trouble before you even start using it.
Ok last point on brake fluid and water absorption. The rubber parts, seals, master cyl cover diaphram etc actually let water through them in very small amounts over time, so again,
CHANGE YOUR FLUID REGULARLY!
mikey.