As I am currently riding in my car, let me answer your questions.
1. With 5.8, the car no longer auto lowers. We are doing 72 and it still says the height is still standard. My husband says there is a noticeable difference in handling. It reminds him of the loaner we had with standard suspension.
2. Your car will automatically return to standard when you get over 8 miles an hour.
3. While standing still you can lower the car to low, but you cannot lower the car at high speeds. Am not able at this moment to test at slow speeds.
4. See point 2 above.
I really hope they add the option to choose to the have car auto lower or allow the driver to manually lower. I personally feel this is an over reaction. How high is high enough? If people still hit objects on the road at standard causing battery punctures and fires will we one day find ourselves driving around at high or very high?
This really needs to be put in perspective. Road debris exists and there will always be debris with the potential to cause damags resulting in fires. However, not every Model S that has run over debris and had the battery punctured has resulted in a fire. Something the press has managed to overlook.
I really hope cooler heads will prevail in the future and we will once again be able to utilize the low setting at high speeds. I understand the risk and I find it low enough that I'm willing to accept it.