Hey Dave
If you have not had a look at Lotus Elan Central already it's a great site with lots of information. The brakes are not great and you will probably want to upgrade them. The gear cables can break if they are abused. It would probably need a new timing belt and a few other little things but overall they are a tough little car and very hard to kill. You can also get an excellent chip for them to up the boost
I had an S2 and sold it to get the Elise, I have missed it every day since.