Coop,
I use Motul 600F racing brake fluid. It is compatable with most conventional brake fluids.
The method decribed above is easy and free. However, it doesn't get all the fluid in the lines. A true flush is difficult and requires dropping the exhaust. If you do the above procedure often enough you will get all the old fluid out in a feed and bleed type approach. It will be pretty obvious as well. When you take the cap off and look at the fluid it will be likely be dirty. Remove it, put in new fluid and drive for a couple of days, then check again. If dirty (it will likely be dirty again), replace again. Repeat. I am now doing mine almost daily at the track.
