Even in the bass department?
The new S5 is significantly bigger than its predecessor, so yes, it's more like an S6 so a good reason for EOL-ing the S7. Magico might have planned this for a long time and that's why there had been no changes to the S7.
The S1, S3, S5 all have mk2/mk3 there's an S2 now but what happened to the S7? Looks like it's still offered as new but no new versions since the original was released a decade ago. Does anybody know the reason?