Okay, let's take a BIG step back here, and get a little brake system operational theory on the table. If I sound like I'm talking down, I don't intend it, but I don't know your background, so I'm starting from square one... The description is targeted at the standard braking package, the PBR-style 2-piston caliper, but is essentially the same for the 4-pot Brembos.
The disc braking system operates under hydraulic pressure, initiated by a lever (brake pedal) acting on a piston (master cylinder) that compresses the fluid in the front and rear circuits independently. These two circuits then feed the ABS controller, and under normal conditions, is simply split into four lines, one to each corner of the car. The pressurized fluid then forces two pistons (in the caliper) outward, thus forcing the inboard pad against the brake rotor. Since the caliper itself is mounted on two slide-pins, this will simultaneously shift the caliper body itself towards the inside of the car, pressing the outboard pad against the brake rotor as well. These two pads, clamped against the brake rotor, convert rotational energy (wheel turning) into heat, via the process of friction. The larger the differential in wheel speed from start to finish of the braking event, the more heat is generated. The more inertia in the system (rotational weight as well as vehicle weight), the more heat is generated. The rotor itself acts as a heat-sink, absorbing the bulk of the heat, then dissipating it as a radiator into the ambient air, or forced air if brake ducts are used. HOWEVER, some portion of the heat generated will also be absorbed into the brake pads, as well. While the pad acts as a pretty good insulator from the heat, inevitably, some of the heat (even from just radiant transmission from the rotor) will get to the pistons, and caliper housing, and thus be transmitted into the brake fluid itself.
Now, under "normal" operating conditions (street driving), there is more than enough heat-sink capacity in the rotors to handle the heat generated, and even under panic-stop conditions, the braking system is able to support one or two 80mph-to-zero braking events in close succession with little bad result. However, the way we brake on a road course is not even CLOSE to the "normal" operating conditions the design engineers envisioned, and the accountants approved. As a result, we will, unless changes are made (brake mods!), exceed the thermal capacity of one or more components in the braking system, and when we do, the result is generically called "brake fade," as you no longer have the stopping power you once did: the brakes are fading away.
There are two prinicpal types of fade: pad-related and fluid-related.
Pad fade: Since the interface between the pad and the rotor is the point of friction that makes the whole shooting match work, it also stands to reason that this will also be the point of highest temperature, as well. IF the temp at the interface exceeds the thermal capacity of the pad material, the original pad will begin to melt, losing it's "grain," and thus the bulk of it's ability to create friction. Symptoms will be a nice, high, hard brake pedal (normal, in other words), but the car just doesn't want to stop. You have to use inordinate amounts of pedal pressure just to start to slow, and there is essentially NO "bite" to the brakes at all. Fix: replace the pads with ones designed to operate at a higher temprature range. Don't go overboard, though, since "hardcore" race pads also have a MINIMUM operating temp, below which they are far less efficient.
Fluid fade: If sufficient heat is transmitted into the fluid (though the pistons and caliper body), you may exceed the boiling point of the fluid. Fluids are non-compressible, however gasses ARE compressible, and as a result, you have less pressure acting on the pistons due to loss to the generated gas. As mentioned earlier, brake fluid is aggressively hygroscopic; it pulls moisture out of the air, like a sponge in a bathtub. The more moisture content in the fluid, the lower the boiling point. Motul RBF600 has a dry boiling point over 600*F, but when contaminated with water this plummets to just a tick over 400*F. Before you think that 400*F is still pretty high, I see rotor temps well over 1000*F on a regular basis on hard-braking tracks! Symptoms of boiled fluid are a brake pedal that has a "mushy" or "spongy" feel, and tends to sink quite a bit lower than normal prior to actually biting. Frequently called a "soft" or "low" pedal as well. Fix: discard your pads if more than 50% worn, to maintain sufficient insulation from the rotor; add forced-air ducts to the center of the rotors to help bleed off heat; if the fluid is contaminated, flush with fresh fluid, if it's not contaminated, then you need to use a higher-temp fluid.
A few other rambling musings:
"Big Brake Kits" AKA BBKs, do not actually let you brake any better, since the determining factor is tire grip, and the stock brakes do a fine job at putting the car into ABS. What BBKs WILL let you do, is let you brake more often before the thermal capacity of the rotors is reached, due to the increased mass of the larger diameter. Additionally, the pads on BBKs are usually quite a bit larger (surface area) and thicker than the stock pads, creating that much more insulation between the pad/rotor interface and the fluid itself.
Stainless steel brake lines are both "bling" and necessary. The will reduce the amount of energy lost due to expanding the lines under pressure, but honestly, it's fairly minimal, and only noticeable at the ragged bleeding edge. What they WILL do, and do VERY well, is provide much better protection against track debris, like small stones and bits of rubber traveling at very high speeds.
Slotted, drilled, dimpled, scalloped, etc. rotors are, in my opinion, pure bling, and have no place on a track car. Slots were orignally introduced to allow organic (asbestos) brake pads the ability to off-gas without creating a gas layer between the pad and rotor, thus allowing consistent braking even at higher temps. We haven't used asbestos in brake pads in probably 30 years, and the modern binding agents don't off-gas like asbestos did, so there's no need for slots. The other factor is that ALL of the "modified" rotors have one thing in common: reduced mass. This is not only not good, it's actually BAD, since we know that the thermal capacity of the brake system is hugely dependent on the rotor capacity, which is directly related to MASS. More mass in the rotor, more thermal capacity. No point in throwing any of it away.
Other factors that affect brake heat generation: 1) driving style: "limousine stops" create more net heat than the classic "threshold braking technique" will. Get those stops done hard, and fast. Get in and out of the brakes, and you'll make everything last longer than if you gradually drag the car down. 2) Vehicle weight: It only makes sense that a 3800lb Mustang will take more energy to stop than a 3300lb Mustang, all other things being equal. 3) Tires: You WILL go through more brakes on Hoosiers than you will on a street tire. Not due to braking grip, but because you'll be carrying more speed going into the braking zone.
All brake fluid "ages-out," by absorbing moisture, and with the exception of the SRF, they all absorb at about the same rate. Stock fluid, in a daily driver that never sees the track still needs to be flushed annually to maintain a sufficient thermal capacity for multiple panic-stops. Upgrading to a racing fluid will not buy you anything there, at all. However, under track conditions, we are operating MUCH closer to the fluid's limit, and a relatively small contamination can result in boiled fluid, thus leading to the more frequent service interval. I have no personal experience with SRF (what I use works for me, no need to change), but there is a good deal of anecdotal evidence that it is much less hygroscopic, thus extending the usable life. You will have to work out the cost/benefit analysis for your own situation, factoring in time spent doing bleeds and flushes, versus the lightening of your wallet for the fluid, but there will be a point where SRF either makes sense or doesn't.
If you're going to track your car, you will need to decide "how much is enough" in terms of braking ability, and the resultant heat generated. Yes, you can just throw a set of StopTech competition 6-pot calipers at the car, along with multiple 4" ducts with inline blowers, and SRF fluid at the car, but if you only go out once a year, it's all just a waste of money. I found by switching from the stock PRB setup to the GT500 Brembo setup, the additional cost of pads and rotors was MORE than offset by the reduced change interval. To the point where the calipers themselves were paid for in the first season. Granted, I do over 30 track days a year, so your break-even-point could well be different.
Hope this helps!