I don't know much about the Lexus system, but it sounds like it may be similar to the Mercedes system that has been around since the 1970s. Basically, you have a hydraulic pump that feeds oil from a reservoir to the dampers. There is usually a mechanical sensor (in Mercedes case mounted to the rear sway bar) that can sense when the axle is being compressed. When it does so, it opens a valve and pumps more hydaulic fluid into the dampers to raise the chassis back off the axle. The nitrogen accumulators are plumbed downstream, and have a membrane that separates the fluid-filled portion of the sphere from the nitrogen-filled half. The nitrogen side is what provides the "give" against the fluid in the dampers and allows the system to actually damp the springs. If the membrane breaks (most common failure) then the entire accumulator sphere fills with fluid, and no longer can dampen the spring. The ride will become very hard at this point.
The downside is the complexity and expense of repairs. Can't simply throw in a new shock. The upside is complete rebuildability (even the dampers can be rebuilt - usually it's just O-rings that go out on those).
But, if you do decide to ditch the system, look at all the components and make sure you account for them. For example, the hydraulic fluid pump on the Mercedes is run off one of the camshafts. If you remove it, you need a block-off plate for the head. But you can probably drop about 100 pounds if you rip it all out and replace with a standard LC suspension.
Anyway, enough rambling for tonight...