I had the opportunity to try an S2 with a 35 and 70 lens this morning. Did some shooting in RAW, nothing fancy, just playing around and trying to get a bit more used to the camera (as one can get in a few hours).
I later imported the files in LR3 (my first time of using LR after some years again).
Here my findings - conclusions:
1) S2 looks pretty mature in terms of current FW. operation as well as IQ coming out of the camera - just talking about DNG!
2) The lenses are nice to shoot with, very fast AF, spot on - well it was enough light but anyway - and the whole system works very smooth and fast and safe.
3) Even longer exposure times could be handheld without any issues (1/8 second and the 70 lens) - pretty impressive for such a MF camera.
4) The results in LR3 are stunning - PERIOD. LR3 made a huge step forward above LR2. And the colors as well as tones and exposure are spot on! I also looked at the DNGs in C1 Pro and they just do not come close to LR3 - which is understood as there is no right profile for the S2 in C1. But here comes the point, I had the feeling since using LR3 again that it is at least as good as C1 - if not superior - in handling as well as IQ. ANd also RAW support, which lately sucks in C1 (mention Sony NEX3 and 5)!
5) Overall I was VERY pleased with the S2 in its current incarnation. Much nicer to work with and carry compared to Hassi and Phase and others!
If I had enough money for this I would immediately jump on it and sell my H3D39 and glass. This system is so much smaller, nicer to work with - YES, it actually works like a Leica and I am used to Leica's Reflex cameras since many years. No other vendor came and comes close to this easy an logical operation in my opinion!
At least I started thinking hard what I could (will) do to change to the S System. It is not complete so far, but for me the S2 with 2 or 3 lenses (35, 120, 180) would be perfect. And the current IQ getting out of this system is already stunning - and it is "only" 37.5MP!