I completed my first atf change today . The stuff coming out was quite murky and black but there was no evidence of wear metals or disintegrated bands etc. I took the vehicle for an afternoon drive and it definitely feels smoother.
I took out approximately 4.5 litres and the transmission holds a total of 7 litres. I think three drains and fills should replace about 95% of the fluid.
Edit: I would highly recommend using a very long funnel to complete this project. The dipstick in my vehicle is located quite low down and it is difficult to get a large bottle in close when pouring.