I also believe that over time the actual mating surface area reduces compared to brand new pads and discs, due to deformation. This should also reduce braking efficiency.
The other problem is that when the brakes get hot, the brake fluid gets hot as well and may reach boiling point at the calliper. This actually happened to me some years ago, very eerie as the pedal just goes down like it was pushed into soft rubber with the car hardly slows down. All was back to normal as soon as the brakes cooled off.