Just to add a little to Tweakie's excellent explanation. These type of probes are normally set as active high in Mach - i.e. whilst the contact is made the input is held low (by being grounded) and when a trip occurs, the circuit is broken thus allowing the internal pullups to take the input high (active).
Also there actually is a bounce issue to be aware of but it's not a big deal. As Tweakie says, the instant the circuit is broken, Mach (if using G31) stores the point of contact and then decelerates to a stop. HOWEVER - if the probe contacts are re-made and then re-broken during that decceleration phase, Mach will RE-WRITE that point as the point of contact. This is more likely if the trip is caused by "glancing" something to the side of the direction of travel for example. This only really becomes an issue if your machine accel/deccel is "poor" however. Whilst on the subject of "poor" decceleration, care must be taken to ensure that the probe overtravel capability is large enough to accomodate the slow down phase, otherwise.... CRUNCH. A useful addition to a home made probe is to add in an overtravel contact to trigger a limit - your probe gets to survive where others are assigned to the bin.
Ian