It mounts to the caliper with two sided tape. I will tell you that Kuryakyn has mastered the double face tape install. They have been making parts that stick on for years now and some of their stuff once applied has to be pryed off. I have some items on my Goldwing from them with heat activated 2 sided tape that are on so good you would think they were super glued.
It is the Kuryakyn one. Hal has them on his website now. He is discounting them lower than Kuryakyn's suggested retail price. Felix e-mailed me pictures this evening of his installed and told me it was a pretty straight forward install. He know of my chrome addiction.
I would guess what you consider "neccessary". I would say that you would want to pull it off for any rear brake work. After all it is plastic plated chrome and brake fluid will eat through anything. There is a hole for bleeding the brakes but it's pretty low compared to the cover.
I took a die grinder and ground the letters off the outer surface of the caliper so the double sided tape would stick better. Instead of just sticking to the raised portion of the letters. The cover looks great and was easy to install. I also ordered the bleeder and banjo bolt covers, they attach with little allen set screws.