less mass = faster heat soak
For a simplistic view, I would agree. However, many quality aftermarket brake upgrades from the likes of Alcon, AP Racing or Brembo can offer improved brake performance from much lighter brake discs. The crucial issue for preventing "heat soak" is simply down to the quality of the design, and therefore the efficiency, of the intregral ventilation ribs.
Only on cheap poor quality drilled discs. On OEM drilled discs, such as the Audi RS4, or quality aftermarket drilled discs - where the drillings are correctly chamfered, then you will NOT suffer with cracked discs (unless they are blatantly abused).
Drilled discs, correctly engineered, DO offer noticeable advantages, particularly with reducing or limiting brake fade, by allowing the gasses to vent from the pad surface to the central ventilation areas of the disc.
slotted = faster wear on pads
Fully agreed. And slotted discs make more noise too.
drilled = hissing noise every time you brake
Again, only partially agree. On poor quality or cheap discs, then yes, they may make a hissing noise. However, for correctly engineered quality OEM or aftermarket drilled discs, the pitch of the drilled holes should vary (just like the pitch of the tread on tyres), and this not only eliminates any hissing noise, but actually helps reduce general brake squeal.
drilled or slotted = more expensive
Not necessarily. I guess you could get some cheap drilled/slotted discs cheaper than say an equivalent plain disc from AP Racing.