I just finished doing this to my bike and the PPO swore that every part on the bike had been refurbished. After doing the front and finding 1 totally plugged line and brown gunk in the m/c, I decided to inspect the rear just because nothing else on this bike has been done correctly. The rear caliper was missing both dust boots and had been assembled at some point without the shims. One of the hairpin shaped retaining clips was missing. The brake line had dry rot cracks and the dust boot on the rear m/c had split allowing moisture to collect around the plunger. To make a long story short, the plunger rod was so pitted that I had to replace it. Rebuilding the rear m/c and caliper is a snap. Check basscliff's website for pictoral instruction if you haven't done it before.
I also changed all of my lines to braided stainless steel front and rear. Oh yeah, the rear pads were within 2mm of being down to metal so I caught it in time. My point is, that all of this was on a bike that had been "completely rebuilt". Don't take anyone's word for anything. Just open up everything and check it for yourself. The crap I've found so far would fill a book and I'm not through yet.
Don
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