-You can tell if a LS400 has air suspension if it has three switches in the center, here is a pic http://www.familycar.com/images/Lexus1stGe...Gen/Console.JPG I recently bought a 91 LS400, without the air supension, the air suspension was an expensive option so it is hard to find now. Other than seeing the switches for it you should have a very smooth drive.
-I haven't heard of the power steering going out, but hey, it's an old car. I'm not sure about cost for fixing that.
-Other commen problems are: A/C condenser failure, and control arms for the suspension. Both are expensive repairs if you do them at a dealer.
If things such as these are indeed broken in the one you are looking at, you should figure them into the price you pay if you buy it. The LS400 or any other Lexus are great cars, I recommend them!!! I hope this helps.
Earl!