Good stuff! Oculus said that improvements would be coming - the same was true of the touch controllers which had pretty poor tracking until a few updates made them virtually perfect. I'm hoping these improvements also get rolled out to the Quest too.
Certainly it's made the Rift-S more desirable as a replacement for my original Rift now if I need to (though the sound quality is probably the biggest thing that's putting me off getting one).
I think the audio is pretty good on the Rift S now. Gets better with each update. But, I saw a fix for this on Reddit. Buy a cheap pair of Koss KSC75 headphones, it's a simple mod to attach them to the Rift S and you will have sound quality as good as the original rift.
https://imgur.com/gallery/V7zKoN9