As DOT 5.1 is more hygroscopic than DOT 4 and therefore absorbs more moisture, it will need to be changed more often. However, the benefit of 5.1 with its higher boiling point, is that it can experience higher temperatures than DOT 4 before it starts to affect braking efficiency. Although, a good quality DOT 4 fluid such as the Super DOT4 which has a dry boiling point which exceeds the 5.1 minimum will be able to contend with the temperature levels it would experience on a track day, for example. The Super DOT4, like the DOT 5.1 will need to be changed more often than DOT4 with the obvious budget implications.
As has been said DOT 4 and 5.1 can be mixed , DOT 5 is different and cant be mixed with anything else.
All the above courtesy of Venhill.co.uk, worth a read if you're interested