In the manual its described as a "Shock Absorber Damping Control System"that varies the shock absober settings depending on the selection ( normal or sport) and also depending on how the car is being driven via information provided by Vehicle speed, and vertical and transverse position sensors. I don't think it is "Skyhook" just am early electronic system. I believe that Skyhook was the later system fitted to the 4200 and perhaps on a few year 2002 3200's.
Perhaps someone with a late 3200 can confirm this.
Rex B
I have a late (2002'02) 3200 and the specification sheet for the car confirms that it has Skyhook. My old 3200 (1999 model) had the Sport button but the traction control/ASR used to cut in quite differently, so I wonder whether although they both had the 'Sport' button, only the later one was Skyhook; the earlier one having a slightly different Sport set-up.