The electronic suspension is not fixed, it continually adjusts all 4 shock absorbers independantly during driving. There are 2 "maps", the regular map and the sport map (generally stiffer settings) where each map interprets throttle position, brakes and acceleration force in multiple directions from accelerometers and then adjusts the shock absorbers accordingly. Thus if you were braking, the front shocks are hardened in relation to the rear, if cornering, the inside shocks are hardened etc.. Most of the UK cars did have this option but Lozzer's is clearly one of the few that doesn't have the option but as Christos suggested, a model without electronic suggestion is roughly equivalent to the average sport setting on on a vehicle with electronic suspension but without the intelligence to independantly adjust and control the shocks during driving.
When pressing the Sport Button the following happens:
-The harder map is selected
-The auto change points are raised on an automatic (this also happens with the Power button on an automatic without sports suspension)
-The traction control system's threshold of what defines wheelspin is raised (also applies with the Power button on an automatic without sports suspension)
-I'm not sure if the throttle response changes but it is possible/likely (it certainly does on some other cars)
Whilst the steering doesn't actually alter (it can't because it is purely hydraulic, there is no electronics involved) it will certainly "feel" more responsive as a result of all of the above factors
If I recall correctly, the system was directly lifted from a 550 Maranello as a late addition before the 3200GT was released which was shortly after Ferrari took over.
I hope this explains some more...