I believe the lower reciprocating weight allowed the engine to rev high and rev quick, so they were used in all-out performance builds. The downside is the properties of aluminum only allow so many high rpm stress cycles, so after so many 1/4 mile runs you were supposed to change the rods. From what I understand that makes it not a good choice for a long term street engine.
In todays engines, they do it with titanium connecting rods which allow the very low reciprocation weight and long term durability, at a fairly high cost! $$$ The C6 Corvette LS9 and LS7 (also in 5th Gen Z28) use titanium connecting rods.