I'm a new owner of a Vanmoof S3. It was compared, at a local shop, to their earlier generation M2 3.7. The 3.7 is silver the S3 is grey. The strongest point for the 3.7 was the $600 price tag, whereas the S3 was nearly double at $1048. The biggest difference when riding them was the brakes. The older version used hub roller brakes while the newer S3 has discs. Obviously the discs stop much better, but the rollers were fully serviceable imo for a town bike. After getting the two side by side I noticed that the S3 also had an updated frame most noticeable in the chainstay and down tube.
I'm really pleased with the bike so far. As you can see I outfitted it with Vanmoof's rear rack and sexy waitress front basket. It's primary use will be riding 2.5 miles to work, grocery shopping and around town errands. I don't plan to change much, except for the seat at this point and maybe the bars/stem down the road.