Strut suspension: What's good about it performancewise?

[JCtx]

I know my M3's strut suspension is not the cheapo one that debuted with the VW Rabbit (or even before it), but I still can't think of it as anything else other than cheap. It requires a lot more fender height than fancier alternatives, especially on RWD V engines and FWD vehicles (it was significantly slanted on I6 BMWs to achieve a low hood line), but now that pedestrian standards kicked in, guess it saved BMW from having to fit a better suspension to keep the same fender height as the inline-engined E46.

Yes, it's aluminum on our M3s, and it has a few more links to make it beefier, but is it on par with a more modern suspension (double wishbone, etc) performancewise? The fact Porsches have it FRONT AND REAR probably answers that question, but why? Is it only cost savings, or is there a performance advantage I wasn't aware of? Thx.