Went to do my first biennial brake fluid flush on the car today. Lookie what I found:
Algae, growing in the brake fluid.
Chalk it up to the hygroscopic nature of brake fluid, pulling water from the air. Guess the previous owner hadn't ever done a flush.
Siphoned/turkeybasted the whole mess out. Two bottles of fluid and twenty minutes later, it's all crystal clear, and I have a much firmer brake pedal.