I do it a little differently. There is all ways "NEW" brake fluid left when your done so I figure why not use as much as possible. Once it's exposed to air it absorbs moisture so storage isn't the best thing for opened cans of brake fluid.
I open the master cylinder. Take the Mityvac and suck out the used fluid. Fill the master cylinder with new fresh brake fluid. Then I follow bleeding the system the way Dan explained.
I don't know if it's any better doing it this way, makes me feel like it's better.
Only drawback to that method is sometimes an air bubble can get "caught" at the banjo bolt and can be a b!tch to get out without cracking open the banjo bolt. Just my $0.02 (and that's about all it's worth), but I always try to avoid introducing any air into the system.