I know this is my first post and I know I am starting out on the wrong foot, but I have to wonder where you Yo-Yo's are from.
It would not be safe for anyone to ride around in any of your vehicles.
It is never safe to ignore brake problems or dismiss problems by saying the light has been on forever.
There is no individual wheel sensors that I know of on the rear axle of a 1/2 ton four or two wheel drive Chevy / GMC truck.
The brake rotor does not have an infinite life, in my opinion, in my area of the country, 2 years is about as much as you can get out of a set of rotors before they need resurfaced or replaced - depending upon use and mileage and condition.
Brake rotors today should be replaced each time you replace brake pads.
Emergency brake shoes should be replaced along with the cables - if they show signs of wear or inop condition.
You people are nothing but ticking time bombs just waiting to explode.
According to my source, brake calipers should also be replaced when you are doing a brake job today.
All of the stuff they use today is junk and the debris that accumulates inside of the caliper - if pushed back into the master cylinder will cause contamination and also failure.
I myself, always flush out the entire system with alcohol each time I do a brake job and then do a full fluid replacement followed by a trip to the local garage to connect the truck to the Tech II - to pulse the brakes, it is the only way to restore them back to OEM that I know of.
In my part of the country, it is almost mandatory to replace all the brake lines every 5 years - the crap GM used rusts out and fails.
I can't believe that no one on this forum has gone into this subject with much time or effort invested into solving GM's brake problem on these vehicles...
There was a slight recall / service bulletin that advised of all these problems and also a solution to replace the lines for any customer that complains.
At this point, I am waiting to see if GM comes out with a Duralife brake rotor for the older model GM trucks..