Actually, slotted and/or drilled rotors do still have advantages for street and light track use.
The slots increase pad temperature quite a bit faster, and will allow one to get away with using a higher heat range pad in what are normally lower temp environments (ie a mild race pad for the street or autox).
Drilled rotors allow the use of larger rotors for greater braking torque, and in cases where you have more than enough mass to absorb the heat, you want to keep the weight down by using a drilled rotor. Larger rotors that can easily deal with the heat don't need the extra mass, so you save the weight and still get great braking. Modern sports and supercars are for the most part finally designed with proper sized brakes from the get go, and so you will notice that many of them use the drilled rotors for that purpose (Porsche and Ferrari come to mind).
That said, stock brakes need all the metal they can get to absorb heat and not overload on stock pads. Hence drilling is bad...less mass, less thermal capability. Slots will also push stock pads over the thermal limit faster and actually worsen fade problems. Better pads such as porterfield and KVR are made for higher temp ranges, and as any owner who has seen a track day can attest they are somewhat more fade resistant (a couple of turns better...no miracles here), but on the cold end, the first stop of the day is a little dicey until they have a bit of heat in em. Slots get them in the working range much faster, making first stop or highway slowdown safer for pads that are marginal for street use.