Yes it's not 100% sealed, as you said if it were there'd be nothing to replace the fluid as the brake pads wore down. Of course thats not much and if you don't frequently remove the cap(or really ever need to with a see-through brake fluid reservoir) it keeps moisture to brake fluid transfer down to a minimum. The only time you have to remove the cap is if you have a leak for an emergency refill, otherwise by the time the fluid gets down to the MIN line, it should be just about time to replace the brake pads. People that constantly refill the reservoir as the brake pads wear only have to suck out all the excess fluid when the pads are eventually replaced with new ones. If you don't constantly refill, after you put in new pads the fluid level should come back up to the MAX level.LeftieBiker said:I don't think it's 100% sealed, otherwise the fluid won't be able to drain out of the reservoir.
Fluid only moves from the reservoir as the caliper pistons move outwards, and this doesn't require any air space in the lines - air bubbles can't be present, or the system won't work. There is no flowing brake fluid in contact with air under normal circumstances, AFAIK, except for the small amount of air in the reservoir.