OK chaps, here goes, my collective experience;
Ventilated discs are fine, you should have no problems with these.
Grooved or drilled discs prevent your pads getting 'glazed', they do not assist with cooling.
Grooved discs are often better than drilled, as drilled discs tend to crack (from the holes).
Braided holes do not prevent brake fade.
Braided hoses do improve 'feel' and are safer (due to the robusteness of the braided covering if rubbed by a tyre, etc) than std items, as they do not allow the inner line to bulge, which will give you the feeling of a long or spongy pedel.
Usind a good quality brake fluid with a higher boiling point (such as 5.1 or 6.0) will help prevent brake fade.
Silicon brake fluid is fine, but needs regular 'maintenance'. It absorbs moisture (not air as somebody suggested), so you need to bleed the brakes regularly. You can 'feel' if they need bleeding as the peddle gets longer.
Rear brakes on modern cars do not do much, so stick with std discs and pads.
On my Mk2 16v trackday car I have Brembo 4 pots, std Ibiza vetilated discs, std Ibiza pads, AP 551 brake fluid and Aeroquip braided lines from the master cylinder to each calliper. They are fantastic, and stand up to hard trackday use with no fade, or long peddle issues.
I have raced in series where you can only change the discs, pads and fluid, and although wear rates for the discs and pads are higher than if you can use a big brake set up, using quality vetilated & grooved discs with a mintex or pagid fast road/race pad with a 5.1 or 6.0 rated brake fluid will mean that you should not have fade issues, and you should keep peddle feel.
Regarding 'bedding in' new pads, the best advise I can give is, when fitted use moderatly hard for about 5 miles with constant long stops (don't stand on the brakes, slow from speed with reasonable pressure. The drive 2 miles with very, very light braking, this allows the brakes to cool. Then park the car up and leave it for at least an hour. Following this, if you have changed the fluid as well, you may need to bleed the brakes once more. But, you should find that you can stand on 'em on a trackday with confidence!
Don't go to a trackday with new discs and pads! If you do, do a 3 laps with long hard braking and then a couple with light braking, then leave the car for an hour! Sorry, but you'll thank me in the end....... (Clearly if you are at the 'Ring then this does not apply!)
Anyway, hope this helps.......
Cheers,
Tallchap
P.S. if any of you boys want braided brake lines, braided fuel lines, oil breather systems, oil coolers, silicon hoses.... then ring my pal Matt at Think Auto on 0208 568 1172, and I'm sure he'll do you a deal!
