Dave Plowman (News) ( snipped-for-privacy@davenoise.co.uk) gurgled happily, sounding much like they were saying :
It gets cooked, and the lubricity breaks down.
The ZF 4HP18 in the Cit XM is a classic example - change the fluid according to Cit's 36k recommendation using the drain hole (which only gets one litre or so out), and wait for the box to die at 120k, regular as clockwork.
Change it every 9k with the engine oil, or disconnect the cooler hoses to get the lot out instead of just a bit, and it'll live damn near forever.
Indeed - Cit replaced the 4HP18 with a different box in the later 24v XMs - "Sealed for life". They die at about 100k unless you change the fluid regularly...