The answer to your question is an understanding of why overfilling causes problems in a pressure operated transmission. ATF expands as it heats up and there is air in the case to allow for this expansion. Normally only a little fluid mixes with the air, and the entrained bubbles rise out of solution in the cooling circuit and torque converter.
If too much fluid is retained in the case, it'll mix with the air, and the air won't have anywhere to go. Unlike hydraulic fluid, air is extremely compressible and air entrained in a fluid reduces the fluid's compressibility directly as the volume of entrained fluid increases. In other words, the more air you mix with the fluid, the lower pressures you develop and the more the clutches will slip. Remember, it's the fluid pressure that keeps the steels and clutches in contact. When the fluid pressure decreases, or the distance the clutchpacks can compress increases (which happens as the clutches wear), the "sticking force" keeping them together, and therefore keeping that gear ratio engaged, is lessened.
The more clutch slippage you have, the shorter the clutch life, and therefore the shorter usable transmission life, you have. Automatic transmissions are highly dependent on the amount of fluid in them to operate properly. That's why there's a HOT mark on the dipstick, and you're supposed to check the fluid level when the fluid is at operating temperature.
The point about not having a dipstick (which this doesn't address) is marketing, not science, so I'll leave that alone.