I have a discussion going on over at MythBusters. http://community.discovery.com...919888&m=72319093301
There I have explained the facts and some responses that I think are misunderstood.
The systems high areas are rubber lines that rise above both master and slaves. If the air is trapped in rubber lines, then it may be escaping by perforating the rubber line, but the fluid can not. I have examined the system once again for leaks, but here are none and the fluid level is the same.
Your explanation sure does help. If had the resources, I'd too like to make a transparent test set up and witness this for myself.
Maybe both events are occurring: perforation and solutionized air. (Solutionized -- if it is a word, it's a new one.)