A few things, precision of movement is typically not a problem, people typically use temposonic rods and can get down to mm accuracy. Fluids are compressible, but not noticeable and rarely taken into account, using pneumatics this is the case and your argument is correct. Lower efficiency is correct... as typically you are using a positive displacement pump (99% of the time) and the fluid needs to flow somewhere... a special valve is used, this "Cracks" and "shorts" the running fluid to the tanks... then cracking pressure*flow is the power dissipated (citation needed) but I know that's where power is lost.Interesting idea, but the problem with that proposal would be the the rotational joints needed, and precision of movement (since the fluid is compressible and behaves like a spring), not to mention lower efficiency. High pressure hydraulics not only require proper rigid tubing, but also a motor capable of sustaining working pressure even when no motion is being executed. The only advantage I see in using hydraulics is higher reliability, if the system is well designed. Considering all those factors, I'd say that electric actuators would be more practical to use.... in fact, next generation aircraft are beginning to drop hydraulics and are implementing electric actuators instead...
All in all electric actuators are faster, but have a smaller "power to weight/side" ratio to hydraulics (making hydraulics stronger), valving and tubing is far more expensive and honestly just not what I'm looking for... but really good discussion!
Regarding planes: Just asked my father (777 pilot) all the flight controls are "hydraulic but electrically actuated"... basically this means the controls send an electric signal, this energizes a solenoid which moves a hydraulic valve allowing the working fluid to flow.