Repeat: Application, application, application ... is the answer to any of these personal preferences, and how a system may or may not meet your needs is what shapes these opinions. There is no wrong or right way, only your way or ... (cue Frank Sinatra), "My Way".
Ratios: 2:3, 3:4, 1:1 ... we've all worked with each of them and have learned to compose with each of these ratios. We may have a preference, but each has its place ... I personally have an affection for 1:1 from having used a Hasselblad 500/203 legacy system for 40 years.
Actually, I like working in all three common ratios, and for many of MY applications the S2's 2:3 ratio actually works very well. Like when shooting groups of people where a 1:1 or 3:4 usually gets cropped top and bottom to a 2:3 anyway ... or full length portrait, or environmental portraits. I also personally prefer 2:3 for most wide angle work.
However for commercial work it is different. When I'm shooting wheels for General Motors it is always a 1:1 crop, and a typical magazine page w/bleed is 3:3.8 ratio
When I shoot a wedding, I'm also using a 35mm DSLR & Leica M9 and the S2 is the same ratio ... so all proof images are 4x6. Like wise, the most common wedding album size is 12" X 19" spreads, which is a 2:3 ratio.
So, it depends on application, application, application.
-Marc