Personally, I think it is a good idea to replace the ps fluid. After ~100K miles the steering became a little notchy and less than smooth. A flush/replace restored the smoothness. And again a couple of months ago at 190K miles. The stuff that comes out is black, the replacement is green.
My preferred method for a flush is to empty the reservoir with a turkey baster with the engine off; turn the steering lock-lock repeatedly, periodically emptying the reservoir until no more fluid is being expelled from the rack. Then refill the reservoir with clean fluid, start the engine & turn lock-lock until all the air is expelled from the system. Top up and repeat until no more fluid needed, no more air expelled.
Provided this is done with the front wheels in the air, the whole pump/rack system is unloaded & unpressurised so that wear is minimal. There will still be some fluid in the system at all times that will continue to lubricate.
After a couple of weeks I repeat the process to get anything that wasn't dislodged the first time.
Obviously, this process won't work well on electrically assisted systems...
Ian.