As brake pads wear, the reservoir level goes down and fitting new pads would simply restore the level to where it was when the prior pads were new. However, the increased air space increases the moisture pickup from thermal cycle and barometric breathing while there is less fluid to carry that moisture. So contamination increases with lower reservoir levels. Some will say to never add brake fluid when levels decrease from pad wear. But you can decrease breathing by adding fluid and also increase the amount of fluid that will absorb the moisture. There is the obvious reservoir overflow problem when fitting new pads/rotors etc. The problem with moisture pickup is rust in the master cylinder bore that accumulates at the end of the area swept by the MC cup seals. This does not appear to cause an immediate problem, however, during brake work if you press the brake petal down as far as it will go, the soft cup seals will be damaged by the rust deposits. One should avoid long strokes of the brake petal during maintenance. Moisture gets into the fluid at the MC only and decreased boiling point fluid in the MC reservoir not cause brake fade in very hot calipers. For that to happen the moisture would must diffuse through the brake lines to the calipers and lead to significant moisture there. Moisture in a stored half full container with tight lid is trivial. The color of brake fluid is a good indicator its contamination. Part of the problem is cast iron master cylinders. A stainless steel MC bore liner might be a great advance. Combining a hygroscopic fluid, cast iron and exposure to atmosphere is really a stupid situation.
GMDD/Terex tried to tackle this problem on heavy duty mining trucks by switching to hydraulic oil brake gear. Great idea, but the mining maintenance crews added brake fluid and destroyed the brake systems. Cannot ignore the human element...