I use my CV1 for sim racing and just built a rig for a friend with the S and had a chance to compare the two.
Stock VS stock, the S is a big upgrade visually. But Project Cars 2 (my favorite sim) has a "sharpening tool" that helps make the image a lot clearer in the CV1. I didn't try tweaking the S, so I originally compared my dialed-in CV1 against the S with all the "dials" tuned for the CV1 and the sharpening settings that work so well for my CV1 actually created screen door in the S. Once I realized why the S looked so bad, I changed the settings to default and then the S got a lot better and the CV1 got a lot worse. (I don't know how I ever tolerated such blurriness)
Dialed in CV1 vs default S, the S is a decent upgrade, but not enough to make me go buy one. The sound on the S was a great idea (being able to hear your surroundings is nice) but I would want better sound and I it doesn't seem like over-the-ear headphones will work well with the S.