Well stated, Mickey!
The Style 2 is the one that matters if Martin is going to be a force in the world of ukuleles again. I really can't wait to try it. Sadly, unless I get a massive raise, I won't likely be buying one!
I agree with everything John has posted to this thread. I've played the S-1 one, side-by-side with a vintage 1M, 2M, and 3M. There is no comparison to be made in either tone or appearance. The vintage ukes were louder, fuller, and more responsive. Even with various dings and even repaired cracks, the vintage ukes looked better to me, more mojo perhaps, but somehow they also look more like they sound, if that makes any sense. The appearance of Mexican-made Martins is less than rich - they look pale. Street price for the s-1 is about $379.00. It sounds decent and plays well enough, but I wouldn't pay that much for it when I could buy an Ohana for a couple hundred less, or a vintage style O for a couple hundred more.
I've also played a few of the style 3 reissues last fall, side by side with a vintage 2M and 1M. Again, no comparison in the sound: the vintage ukuleles were much better. The new style 3's are extremely well made, however. They do look good. I was particularly disappointed with the 3C (cherry), mostly because it looked so nice, but sounded so dead. Also, I had watched/listened to Brian Hefferan's videos where he plays the 3C and it sounded pretty good. He's a great player though (everything sounds better in his hands) and maybe he got a good one.
The style 2's are getting very good reviews. I have not played one yet, so I can't speak from experience.
My Martins, sopranos, are old and wonderful. For the prices at which they typically sell, I still think a vintage O is a very good deal.