At least with the Carbotechs the pad starts getting cracks and the edges of the pad start to crumble off when they get really hot. I never had any fade, but these pads were likely right on the edge of their thermal threshold. It's a little tough to tell in the pic, but the upper left corner crumbled off and there's cracks in the pad material all over the place. XP10s with stock tires, FWIW. It also destroyed the caliper boots, obviously.
I'm making the decision to do an event on XP12s with RE-71R's, so I guess I'll find out if I need a BBK