Yeah, its a huge jump up from the CV1. The only two drawbacks are:
1. Black Levels - I had 2 CV1s an honestly the black levels sucked on those, no where near my Quest, the Rift S is slightly worse than CV1
2. The audio sucks (just get a short 3.5mm to 3.5mm headphone cable and buy some closed back earphones and get some velcro cable ties and tie to the headset).. I use August Ep650s which are cheap but I'm sure there are better headphones if they fit over the band
3. If your head is skinny there might be some horizontal movement of the headset if you move very quickly.
The pros are quite simply a beautiful clean nearly SDE clear screen with a halo strap design which distributes the weight better, no more silly stupid sensors ruining my room with cables and a PCVR headset which due to inside out tracking can actually be used in multiple rooms. It also has a few other pros such as this camera thing which allows you to see the real world whilst in VR.
However, I stress please get the audio solution sorted on so that when the Rift S arrives, you just mod is straight away. Don't even bother trying to entertain the speakers they have fitted on the headset.
I was planning to get a Valve Index but the Rift S has really sold me, especially with the Mamut grips which make the controllers feel AMAZINGLY ergonomical and my custom headphone solution.