How does one check if the fluid level is ok.And if the fluid is in good shape?

Because they have had some stupid ideas. Later model transmissions r a 'sealed unit' & according to Ford r designed to go 150,000 m without a fluid change. (You can tell that u have this type of transmission as it has no dipstick.). Some dealerships, l believe, will change the fluid at 30,000 m intervals, but l guess if u r willing to part with $180 they will do it whether it is needed or not. The critical factor with these trannys seems to be the volume of fluid in it. The fluid is pumped into the tranny through the drain plug with a special adapter tool. To get the amount right the tranny has to be at the right operating temperature due to the expansion of the fluid at higher temps. Dealerships & Tranny shops use a scanner to obtain the temp of the fluid so they can accurately measure the right amount of fluid. For the home mechanic this is a very difficult procedure & ill advised to attempt if there r no issues with the tranny.Also, note that the fluid needed is specifically Mercon V. At a local Auto parts place this was nearly $4 a qt. Leave it to a pro, not necessarily a dealer but a reputable shop that can do the job & not charge an arm & a leg. If u want to try it yourself, see the link below for a description of the procedure.
(http://autorepair.about.com/library/faqs/bl066i.htm)

a home mechanic cannot do this because on all sealed transmissions whether ford gm or dodge they are pressurized and only the dealer can change check or add fluid. and just about all transmission shops do not have this equipment so dealer is pretty much the only choice