When I took my 306 to the local garage for a brake fluid leak, they first checked the back brakes (assumed it was brake cylinder) and found that this regulator was stuck. They fixed this (along with the leak, which turned out to be a front hose - doh, I could have fixed that!), and since then the brake pedal has been a bit odd. If I have my foot very lightly on the brake and the car goes over a bump then the brake pedal drops slightly. It's like the bump is moving the regulator slightly. There's no difference in brake performance, and I'm used to it now. Bit weird for a bit though.
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