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The sith are described in the game as being followers of an ideal, not a race, as they died out long ago.
Does anybody know why they died out, or who they were?

The original Sith weren't Jedi or anything at all. When the first dark Jedi were banished by the council, they ended up on the Sith homeworld, where they essentially took control of the place, adopting bits of their culture and so forth, and that's how the Sith ideology developed. There aren't any Sith left, but dark Jedi are referred to as Sith because they tend to gravitate towards Sith ideals.