Catastrophic brake failure is probably best defined by the speedometer reading at which it happens and the obstacles in your way.Is it common for lines and hoses to suddenly fail catastrophically?
But seriously, a hole in a brake line will allow all that precious DOT3 to drain out, so any failure there has the potential to be catastrophic. It took about 2-3 minutes for my LX470 to completely drain after I ruptured a hard line last year.