Air suspension has the benefit of being actively adaptive and driver-adjustable. The way the Model S lowers itself as the speed increases is thanks to air suspension. There are other active systems, such as GM's Magneride, that change the stiffness of the shocks on the fly, but they can't change the ride height. Tesla made a good choice for the Model S. If they get around to developing a supercar, active shocks may play a role as well.
Active shock systems first appeared on the Ferrari Mondial t (the car in the movie, Scent of a Woman) and further refined on the F355. The system used accelerometers to control the four shocks in realtime. For example, in a hard left turn, the system would stiffen the shocks on the right side of the car, while softening those on the left side. It was developed by Bilstein and Ferrari. They actually had stepper motors attached to the adjustment screw on the upper end of each shock. GM vastly improved on the concept with Magneride. The GM shocks use a special oil containing iron particles in suspension. The shock's firmness is increased by applying a current to an electromagnet inside the shock. The viscosity of the oil is temporarily increased by the magnetic charge. Pretty cool solution, and no more moving parts than a standard shock. Magneride is so fast, it can actually adjust for individual bumps in the road. It's been available on Cadillac and Corvette for several years. -Todd