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The main difference is that its a DOHC 16v head with slightly more aggressive cams as opposed to the single cam 8v of the regular 944. The S produces 190hp as compared the 8v car's 160hp.
Their are many major differences. The "S" has an upgraded tranny, 16v, and lots more power; those are the major differences. I love my S. It's my daily driver. I'll post some pics when i get off work.