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Overall pretty great.  Obviously twice as fast, very snappy/responsive.  It loads websites much faster, etc.  Me and my friend Arun did some side-by-side-by-side tests at work yesterday between all three iPhones that have been relesed.  Here are the results for loading macrumors.com:

• iPhone 3G S: 10 seconds
• iPhone 3G: 17 seconds
• iPhone: 4 minutes, 24 seconds

The original iPhone only had access to a low-bar EDGE connection (Both of these tests were over cell networks, not wifi).  We also tried a few other sites which the 3G S similarly dominated, but I remember also clocking Google News (Classic/Desktop version) at:

• iPhone 3G S: 7 seconds
• iPhone 3G: 14 seconds
• iPhone: didn’t bother due to battery complaints from owner =D

Now, I didn’t have my iPhone 3G OS updated to 3.0 for these tests, and I honestly feel that the upgrade has shaved off about 2 seconds of website loading time.  But the 3G S is definitely much faster, and also when scrolling around web pages while zoomed in - you don’t that checkerboard background while part of the page loads into memory like you do with the 3G/original.  Launching apps/doing other things on the 3G S is also much faster.

The compass feature is cool especially in Google Maps, and I really like the new camera/auto-focus/exposure/macro system - that is one of the coolest parts, along with the very smooth video recording/playback, with upload to YouTube direct.  The only thing I’m not really sure I like is the slight change of screen hue.  It’s a close call, but I think that my iPhone 3G screen does look slightly better.  But yeah, the iPhone 3G S is pretty damn nice!