Actually, air-ride suspensions (not hydraulics) are great for performance driving, if dialed in properly. With one of those Tien Dampening force controllers, you could dial in your entire suspension from the driver's seat. On street rods, a decent air ride system can work wonders.
However, realize you will need either an air compressor or an air tank (filled at an external compressor) for an air-ride suspension to work. tha will add weight to your car, big-time. A racer would want to use a small tank, fill it with a home-based air compressor, and dial in his supension prior to racing. tanks are lighter than compressors by far.
Hydraulics or air cylinders are not good at all, exept for show or low-rider stuff. Air Rides are lighter, more reliable, and can be accurately set, much like a coil-over (Air rides use "bags" made of rubber similar to that in performance tires, commonly seen on semi trucks, the bags are inflated or deflated to dial in the spring rate you want, the airbag replaces the spring in an air-ride setup; your strut is still there, unlike cylinders, which are pretty much the opposite)
For a dedicated racer where weight is an issue, I suggest coilovers, dialed in properly, one of these can perform as well, maybe even a bit better than a comparable air-ride setup.
One benifit to air bags, they can spring a leak, but they won't break like a steel spring. an airbag blowout isn't nearly as catastrophic, especcially if you have a compressor in your trunk.
It depends on if you are doing your suspension for convenience or not. with air-ride suspension, you can dial in suspension rate changes from the driver's seat in the middle of a race; try that with coilovers!