That's a widely shared misunderstanding. The letters are market segments.

The "S" segment is really popular. Despite the introduction of many Espressif RISC-V devices, one still sees lots of Xtensa S3 stuff. An excellent example is Unexpected Maker's line of ESP32-S3 boards.

ESP32-S31 is going to be a big hit, and RISC-V is only part of that. More GPIO are very welcome. The CLIC (core local interrupt control) is another subtle win that is lost in mainstream headlines: it provides Cortex NVIC level of interrupt management, enabling awesome things like RTIC work without compromise. I imagine using one of these with core 0 running plain old FreeRTOS handing Wi-Fi/OTA/etc., and core 1 exclusively running a Rust RTIC/SRP application, nailing real time peripheral activity.

The only miss is the lack of 5GHz. Nothing is perfect, and that's not a deal killer in most cases.